佛山照明(000541)_公司公告_粤照明B：2025年半年度报告(英文版)_公司公告

FOSHANELECTRICALANDLIGHTINGCO.,LTD.

INTERIMREPORT2025

August2025

PartIImportantNotes,TableofContentsandDefinitionsTheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofFoshanElectricalandLightingCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.WanShan,theCompany’slegalrepresentative,ZengXiaojing,theCompany’sChiefFinancialOfficer(CFO),andLiYizhi,theperson-in-chargeoftheCompany’saccountingorgan(equivalenttoaccountingmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.Anyplansforthefutureandotherforward-lookingstatementsmentionedinthisReportanditssummaryshallNOTbeconsideredasabsolutepromisesoftheCompanytoinvestors.Therefore,investorsareremindedtoexercisecautionwhenmakinginvestmentdecisions.TheCompanyhasdescribedindetailinthisReporttheriskofmacro-economicfluctuationsandintensifiedmarketcompetition,theriskofrisingrawmaterialprices,theriskofexchangeratefluctuations,andtheriskoftherecoverabilityofaccountsreceivable.Pleaserefertothesectionheaded“RisksFacingtheCompanyandCountermeasures”inItemXofPartIIIofthisReport.TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail.

TableofContents

PartIImportantNotes,TableofContentsandDefinitions ...... 2

PartIICorporateInformationandKeyFinancialInformation ...... 7

PartIIIManagementDiscussionandAnalysis ...... 11

PartIVCorporateGovernance,EnvironmentandSociety ...... 46

PartVSignificantEvents ...... 49

PartVIShareChangesandShareholderInformation ...... 76

PartVIIBonds ...... 87

PartVIIIFinancialStatements ...... 88

PartIXOtherReportedData ...... 302

DocumentsAvailableforReference

1.ThefinancialstatementssignedandstampedbytheCompany’slegalrepresentative,ChiefFinancialOfficer,andtheperson-in-chargeoftheCompany’saccountingorgan.

2.TheoriginalsofalltheCompany’sannouncementsanddocumentsdisclosedtothepublicduringtheReportingPeriodonthemediadesignatedbytheCSRCforinformationdisclosure.

Definitions

Term	Definition
The“Company”,“listedcompany”,“FSL”or“we”	FoshanElectricalandLightingCo.,Ltd.anditsconsolidatedsubsidiaries,exceptwherethecontextotherwiserequires
RisingHoldingsGroup	GuangdongRisingHoldingsGroupCo.,Ltd.
ElectronicsGroup	GuangdongElectronicsInformationIndustryGroupLtd.
HongKongRisingInvestment	RisingInvestmentDevelopmentLimited
HongkongWahShing	HongkongWahShingHoldingCompanyLimited
RisingCapital	GuangdongRisingCapitalInvestmentCo.,Ltd.(formerlyknownas“GuangdongRisingFinanceHoldingCo.,Ltd.”)
ShenzhenRisingInvestment	ShenzhenRisingInvestmentDevelopmentCo.,Ltd.
NationStarOptoelectronics	FoshanNationStarOptoelectronicsCo.,Ltd.
NationStarSemiconductor	FoshanNationStarSemiconductorTechnologyCo.,Ltd.
Sigma	FoshanSigmaVentureCapitalCo.,Ltd.
LiaowangAutoLamp	NanningLiaowangAutoLampCo.,Ltd.
FozhaoHuaguang	FozhaoHuaguang(Maoming)TechnologyCo.,Ltd.
HuleElectricalEquipment	ZhejiangHuleElectricalEquipmentManufacturingCo.,Ltd.
BeijingAirtrust	BeijingAirtrustTechnologyCo.,Ltd.
FenghuaSemiconductor	GuangdongFenghuaSemiconductorTechnologyCo.,Ltd.
CSRC	ChinaSecuritiesRegulatoryCommission
SZSE	ShenzhenStockExchange
Generalmeeting	GeneralmeetingofFoshanElectricalandLightingCo.,Ltd.
BoardofDirectors	TheboardofdirectorsofFoshanElectricalandLightingCo.,Ltd.
SupervisoryCommittee	ThesupervisorycommitteeofFoshanElectricalandLightingCo.,Ltd.
RMB,RMB’0,000,RMB’00,000,000	ExpressedintheChinesecurrencyofRenminbi,expressedintensofthousandsofRenminbi,expressedinhundredsofmillionsof

	Renminbi
H12025	January1,2025toJune30,2025
H12024	January1,2024toJune30,2024

PartIICorporateInformationandKeyFinancialInformationICorporateInformation

Stockname	FSL,FSL-B	Stockcode	000541,200541
Stockexchangeforstocklisting	ShenzhenStockExchange
CompanynameinChinese	佛山电器照明股份有限公司
Abbr.(ifany)	佛山照明
CompanynameinEnglish(ifany)	FOSHANELECTRICALANDLIGHTINGCO.,LTD
Abbr.(ifany)	FSL
Legalrepresentative	WanShan

IIContactInformation

	BoardSecretary	SecuritiesRepresentative
Name	HuangZhenhuan	HuangYufen
Address	No.8,ZhihuiRoad,ChanchengDistrict,FoshanCity,GuangdongProvince,P.R.China	No.8,ZhihuiRoad,ChanchengDistrict,FoshanCity,GuangdongProvince,P.R.China
Tel.	(0757)82810239	(0757)82966028
Fax	(0757)82816276	(0757)82816276
Emailaddress	fsldsh@chinafsl.com	fslhyf@163.com

IIIOtherInformation

1.ContactInformationoftheCompanyIndicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddress,emailaddressandothercontactinformationoftheCompanyintheReportingPeriod.?Applicable?Notapplicable

Theregisteredaddress,officeaddressandtheirzipcodes,websiteaddress,emailaddressandothercontactinformationoftheCompanydidnotchangeintheReportingPeriod.Fordetails,pleaserefertotheAnnualReport2024.

2.MediaforInformationDisclosureandPlacewherethisReportisKeptIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforkeepingtheCompany’speriodicreportsintheReportingPeriod.?Applicable?NotapplicableThewebsiteofthestockexchangeandthenamesandwebsitesofthemediawheretheCompanydiscloseditsinterimreports,ortheplaceforkeepingtheCompany’sinterimreportsdidnotchangeintheReportingPeriod.Fordetails,pleaserefertotheAnnualReport2024.

3.OtherInformationIndicatebytickmarkwhetheranychangeoccurredtootherinformationintheReportingPeriod.

□Applicable?NotapplicableIVKeyFinancialInformationIndicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.?Yes?No

	H12025	H12024	Change(%)
Operatingrevenue(RMB)	4,385,731,119.78	4,784,545,767.42	-8.34%
Netprofitattributabletothelistedcompany’sshareholders(RMB)	114,993,752.24	192,229,182.38	-40.18%
Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses(RMB)	106,076,984.29	178,842,912.77	-40.69%
Netcashgeneratedfrom/usedinoperatingactivities(RMB)	9,845,012.95	384,593,044.61	-97.44%
Basicearningspershare(RMB/share)	0.0749	0.1252	-40.18%

Dilutedearningspershare(RMB/share)	0.0748	0.1241	-39.73%
Weightedaveragereturnonequity(%)	1.71%	3.02%	-1.31%
	June30,2025	December31,2024	Change(%)
Totalassets(RMB)	17,172,922,065.33	17,159,763,456.64	0.08%
Equityattributabletothelistedcompany’sshareholders(RMB)	6,717,892,162.17	6,574,304,305.27	2.18%

VAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards

1.NetProfitandEquityDifferencesunderCASandIFRS

□Applicable?NotapplicableNosuchdifferencesfortheReportingPeriod.

2.NetProfitandEquityDifferencesunderCASandForeignAccountingStandards

□Applicable?NotapplicableNosuchdifferencesfortheReportingPeriod.

VIExceptionalGainsandLosses

?Applicable□Notapplicable

Unit:RMB

Item	Amount	Note
Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs)	-47,603.62
Governmentgrantsrecognizedincurrentprofitorloss(exclusiveofthosethatarecloselyrelatedtotheCompany’snormalbusinessoperationsandgiveninaccordancewithdefinedcriteriaandincompliancewithgovernment	20,828,366.39

policies,andhaveacontinuingimpactontheCompany’sprofitorloss)
Gainorlossonfair-valuechangesinfinancialassetsandliabilitiesheldbyanon-financialenterprise,aswellasondisposaloffinancialassetsandliabilities(exclusiveoftheeffectiveportionofhedgesthatariseintheCompany’sordinarycourseofbusiness)	758,629.50
Capitaloccupationchargesonanon-financialenterprisethatarechargedtocurrentprofitorloss	1,135,048.55
Reversedportionsofimpairmentallowancesforreceivableswhicharetestedindividuallyforimpairment	1,563,182.27
Non-operatingincomeandexpenseotherthantheabove	9,030.37
Less:Incometaxeffects	3,436,802.38
Non-controllinginterestseffects(netoftax)	11,893,083.13
Total	8,916,767.95

Detailsofotheritemsthatmeetthedefinitionofexceptionalgain/loss:

□Applicable?NotapplicableNosuchcasesfortheReportingPeriod.ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems:

□Applicable?NotapplicableNosuchcasesfortheReportingPeriod.

PartIIIManagementDiscussionandAnalysisIPrincipalOperationsoftheCompanyintheReportingPeriod

(I)PrincipaloperationsTheCompanyhasbeencommittedtotheR&D,productionandsaleofhigh-qualityandenergy-efficientlightingproductsinordertoprovideintegratedlightingsolutionsforcustomers.ItisthecontrollingshareholderofNanningLiaowangAutoLampCo.,Ltd.(“LiaowangAutoLamp”),FoshanNationStarOptoelectronicsCo.,Ltd.(“NationStarOptoelectronics”),ZhejiangHuleElectricalEquipmentManufacturingCo.,Ltd.(“HuleElectricalEquipment”)andBeijingAirtrustTechnologyCo.,Ltd.(“BeijingAirtrust”)throughacquisitionprogramsstartingfrom2021.Atpresent,theprincipalbusinessoftheCompanymainlyincludestheR&D,productionandsaleofgenerallightingproducts,automotivelightingproducts,andLEDpackagingproducts.ThegenerallightingmainlycoversLEDlightsources,LEDluminaries,traditionallightingproductsandcomprehensivelightingsolutionsforhomelighting,commerciallighting,industriallighting,municipalroadlightingandlandscapelighting.Overrecentyears,theCompanyhasalsobeenexploringnewfields,includingsmartlighting,healthylighting,marinelighting,aviationlightingandanimalandplantlighting.Basedonitsownautomotivelightsourcesandmodules,theCompany,relyingonitsmajority-ownedsubsidiaryLiaowangAutoLamp,hasexpandedtheautomotivelightingbusinessintotheautomotivelightassemblysector,involvingbasicallyallthelightsthatanautomobilerequires,suchasheadlights,rearlightcombos,foglights,backuplights,interiorlights,andlicenseplatelights.ThemainclientsofLiaowangAutoLampincludeSAIC-GM-WulingAutomobile,ChongqingChanganAutomobile,SERES,IM,SAICMaxusAutomotive,andotherwhole-automobilemanufacturers,andmedium-andhigh-endproductstakeupanincreasingpercentageofitstotalsalesofautomotivelights.TheCompanyconductsLEDpackagingbusinessmainlybyrelyingonitsmajority-ownedsubsidiaryNationStarOptoelectronics(stockcode:002449).TheprimaryproductsincludeLEDepitaxialwafersandchips,LEDpackagingandcomponentproducts,integratedcircuitpackagingproducts,andthirdgenerationcompoundsemiconductorpackagingproducts,whicharewidelyusedforconsumerelectronics,homeappliances,computers,communications,displayandlightingproducts,generallighting,automotivelighting,sterilizationandpurification,plantlighting,andotherfields.(II)IndustrydevelopmentInthefirsthalfof2025,thelightingindustryfacedadifficultjourneyamidstintensemarketcompetition.Ononehand,thedomesticeconomyisinacriticalperiodofstructuraladjustmentandtransformation,withtraditionalgrowthdriversandemerginggrowthdriverscontinuouslyshifting,leadingtomorechallengesanddifficultiesindevelopment.Ontheotherhand,internationaltradetariffwarshavehadasignificantimpactonexportbusiness.AccordingtotheChinaAssociationofLightingIndustry’sLightingIndustryExportBriefReportfortheFirstHalfof2025,affectedbytariffs,thetotalexportvalueofChineselightingproductsfromJanuarytoJune2025decreasedbyapproximately6%year-on-year,withexportstotheUnitedStatesdroppingbyabout16%.Theoverallexportrevenueofthelightingindustryinthefirsthalfoftheyearisunderpressure.Inthecomingperiod,thecompetitivelandscapeinthelightingindustryisexpectedtocontinuetointensify.Manysmallandmedium-sizedlightingenterpriseswillbeforcedtoexitthemarketduetocostandmarketpressures,acceleratingindustryreshufflingandrestructuring.Theindustryconcentrationisexpectedtofurtherincrease.Leadingenterprises,leveragingadvantagesinchannels,brands,technology,scale,andcapital,willcontinuetoconsolidatetheirmarketdominance.Atthesametime,withtheintegrationof5G,IoT,AI,andlightingtechnology,industryleadersareactivelyadjustingtheirproductstructuresandmarketstrategies,acceleratingthetransitionfromofferingsingleproductstoprovidingsystemsolutionssuchassmartcities,smarthomes,healthlighting,andgreenlighting.Theyareexpandingintonewsub-sectorsandhigh-added-valueareas,creatingnewgrowthspacesfortheindustry.Inrecentyears,drivenbytherapiddevelopmentofnewenergyvehicles(NEVs)andgovernmentpoliciespromotingautomotivedevelopmentandconsumption,China’sautomotiveindustryhasseenstrongproduction

andsales.AccordingtodatafromtheChinaAssociationofAutomobileManufacturers,inthefirsthalfof2025,China’sautomotiveproductionandsalesreached15,621,000and15,653,000units,respectively,growingby

12.5%and11.4%year-on-year.Amongthem,theproductionandsalesofNEVswere6,968,000and6,937,000units,withagrowthof41.4%and40.3%,respectively,raisingthemarketshareto44.3%.Thankstothecontinueddevelopmentoftheautomotivemarket,theautomotivelightingmarkethasenjoyedvastdevelopmentpotential.Withthetrendsofpassengervehicleintelligence,safety,comfort,andenergyefficiency,thestability,energyefficiency,intelligence,andsafetyrequirementsforautomotivelightingsystemshavebeenincreasinglyelevated.Thedesignandintegrationrequirementsforautomotivelightingsystemcontrolmoduleswillbecomehigher,withsmarttechnologieslikeADB,DLP,andinteractivefeaturesgraduallypenetrating.Thevalueofautomotivelightingproductswillcontinuetorise.Meanwhile,withthegradualmaturityofChina’ssemiconductorindustrychain,domesticautomotivelightingenterprises,withtheirenhancedR&Dcapabilitiesandflexibleserviceofferings,havegraduallybeenintegratedintothesupplychainsofvariousautomakers.Theaccelerationofdomesticsubstitutioncontinues,anddomesticautomotivelightingcompaniesarefacingbroaddevelopmentopportunities.TheLEDpackagingindustryisundergoingrapidreshufflingunderpressurefromtradetariffdisputes,slowingmarketdemand,andrisingcosts,withmanycompaniesfacingthedilemmaofincreasedoutputwithoutincreasedrevenue.Theirprofitmarginsarebeingsqueezed.Despiteshort-termpressures,someenterprisesareachievingstructuralbreakthroughsthroughglobalmarketexpansion,diversifiedapplications,andhigh-endtechnology,shiftingtheindustryfocusfromscaleexpansiontovaluecreation.Technicalbreakthroughsandinnovationinapplicationscenarioshavebecomethecorecompetitivebarriers.Meanwhile,astechnologyadvances,nichemarketslikeMini/MicroLEDsandautomotiveLEDsarerapidlyemergingascoregrowthenginesfortheindustry.Newapplicationscenariossuchasvirtualproduction,LEDmoviescreens,plantlighting,human-centriclighting,andsmartlightingaredeeplyintegratingwithtraditionalsectors,drivingtheindustrytowardshigh-end,intelligentupgradesandahigher-qualitydevelopmentalphase.(III)Businessmodels

1.ProcurementmodelTheCompany’sprocurementdepartmentshouldensurethattheprocuredmaterialsandproductsmeettheprescribedrequirementsandthatprocurementactivitiesareundercontrol.Besides,itshouldconsidertheneedsofeachdepartmentandthereasonablestockquantitybeforecarryingoutanyprocurement,determinesuppliersbymeansofbidding,pricenegotiation,andpricecomparison.Thereshouldbeseveralbackupsuppliersofeachprincipalrawmaterialtoensurefairprocurementprice,timelymaterialsupply,andreliablequality.

2.ProductionmodelForroutineproducts,themonthlyproductionplanispreparedbasedontheanalysisofthesalesofeachmonthandchangesinthefuturemarketdemandandthesafestockbenchmark.Eachproductiondepartmentproducesproductsasplannedsoastocontrolthestockandmeetthesalesdemand.Forcustomizedproducts,themake-to-orderstrategyisimplementedtoeffectivelycontrolthestockquantityofrawmaterials,reducethefundsthataretiedup,andimprovetheCompany’soperationalefficiency.

3.SalesmodelIntheCompany’sgenerallightingbusiness,fordomesticsales,theCompanyadoptsthemodelofagencydistributionanddirectsupplytoengineeringprojects,withcurrentsalesmainlyinhousehold,commerce,ande-commercechannels.Forforeignsales,theCompanyadoptsthemodelsofOEMandindependentbrands.Thesaleofproductsofindependentbrandsabroadiscarriedoutmainlyviaagencies.Intheautomotivelightingbusiness,inthefactory-installedmarket,themodelofsupplyingautomotivelightproductsdirectlytoOEMsismainlyadopted;intheaftermarket,productsaremainlysoldbyagencies.IntheLEDpackagingbusiness,thedirectsalemodelismainlyadopted,inwhichproductsaresoldthroughdirectcommunicationwithclients.(IV)Maindrivingforcesforgrowth

TheCompanyiscommittedtotheoveralldevelopmentstrategyof“new-typebasicplatformandlarge-scalenewtracks”,andcontinuouslystrengthenstheinnovationdriverandrefinesthebusinessportfolio.Additionally,itpromotesthechangeofthemarketingmodel,intensifiesmanagementimprovement,andvigorouslyexploresmarketsegments.Since2021,theCompanyhasacquiredLiaowangAutoLamp,NationStarOptoelectronics,HuleElectricalEquipmentandBeijingAirtrust,significantlyenhancingitscompetitivenessintheautomotivelighting,marinelightingandaviationlightingsectors.Atthesametime,theintegrationofupstreamanddownstreamresourcesalongtheLEDindustrychainhasprovidedsolidsupportfortheCompany’srapidexpansion.Withtheevolutionoftheindustrialcompetitionmodel,consumersaregettingincreasinglyconcernedwithproductqualityandbrand.Asaresult,lightingcompanieswithinsufficientcompetitivenesswillbegraduallyelbowedoutofthemarketwhileenterpriseswithcorecompetitivenesswillhavemoremarketopportunities.Byvirtueofitsadvantagesintechnology,brand,channelandscale,theCompanycontinuouslylauncheshigh-tech-contentnewproductsthroughsustainedR&Dinvestmentandtechnologyinnovation,advancingthetechnologicalupgradeandqualityimprovementofmainproducts.Simultaneously,theCompanyisintensifyingmarketexplorationefforts,optimizingindustriallayouts,increasingproductionautomationanddigitalmanagementlevels,effectivelycontrollingprocurementcosts,andimprovingproductionefficiency.TheseinitiativeshaveenabledtheCompanytosecureafavorablepositionamidincreasingmarketconcentration,furtherstrengtheningitsmarketcompetitiveness.

IICoreCompetitivenessAnalysis

TheCompanyhasbeendedicatedtotheR&D,manufacturingandsaleoflightingproductssinceitsestablishment.ThroughcontinuousinvestmentinR&Dandinnovation,branding,channeldevelopment,aswellasverticalintegrationoftheindustrialchain,thecorecompetitivenessoftheCompanyhasbeenfurtherstrengthened,whichismainlyreflectedinthefollowingaspects:

R&DtechnicaladvantageAsaNationalHigh-TechEnterprise,aNationalIntellectualPropertyDemonstrationEnterprise,aGuangdongManufacturingChampionDemonstrationEnterprise,oneoftheTop100InnovativeEnterprisesinGuangdongProvince,andoneoftheTop100ManufacturingEnterprisesinGuangdongProvince,theCompanypossessesoutstandinginnovationcapabilitiesandtechnologicalstrength.TheCompany’stestingcenterisaccreditedbytheChinaNationalAccreditationServiceforConformityAssessment(CNAS),enablingittoprovideauthoritativecertificationforproductquality.Inaddition,theCompanyanditssubsidiarieshaveestablished31researchanddevelopmentplatforms,includingthe“GuangdongProvincialEnterpriseTechnologyCenter,”“GuangdongProvincialDoctoralWorkstation,”“GuangdongProvincialScienceandTechnologyExpertWorkstation,”“PostdoctoralResearchStation(BranchStation),”“GuangdongProvincialEngineeringTechnologyResearchandDevelopmentCenterforElectricLightSources,”andthe“GuangdongProvincialIndustrialDesignCenter.”TheCompanyhasundertakenseveralkeyscientificandtechnologicalprojects,includingtheNationalKeyR&DProgram“MarineAgricultureandFreshwaterFisheriesTechnologyInnovation”andHainanProvince“Land-Sea-Air”TechnologySpecialProject.TheCompanyhasreceivednumeroushonors,includingtheFirstPrizeforScientificandTechnologicalProgressinChina’sMachineryIndustry,theSecondPrizeoftheChinaInventionandEntrepreneurshipAchievementAward,theThirdPrizeforScientificandTechnologicalProgressfromtheChinaNationalLightIndustryCouncil,theGoldAwardattheNationalAge-friendlyDesignCompetition,andtheTaiwanGoldenPinDesignAward.Barrierswithindependentintellectualpropertyhavebeenestablishedinnumerousfieldssuchasoptics,spectroscopy,electronics,IoT,andAI.AsattheendoftheReportingPeriod,theCompanyanditssubsidiarieshavecumulativelyobtainedover2,700authorizedvalidpatentsandledorparticipatedinformulatingmorethan250standardsatinternational,national,andindustrylevels.Byactivelyintegratinginternalandexternalresources,theCompanyhascollaboratedin-depthwithrenowneduniversitiesandresearchinstitutessuchasTsinghuaUniversity,FudanUniversity,HongKongUniversityofScienceandTechnology,WuhanUniversity,DalianOceanUniversity,theChineseAcademyofSciences’InstituteofDeep-seaScienceandEngineering,andtheJiHuaLaboratoryinindustry-university-researchpartnerships.Thishasledtosignificanttechnologicalbreakthroughsandtechnologicalachievementtransformations,spurringinnovationsinfrontiertechnologyfields,establishingefficientR&Dtalentdevelopmentchannels,andprovidingfirmsupportformaintainingtheCompany’stechnologicalleadershipandongoingproductinnovation.LiaowangAutoLampboastsaprovincialenterprisetechnologycenter,aprovincialR&Dcenter,andaGuangxiautomotivelightingpartsengineeringtechnologyresearchcenter;andestablishedtheAutomotiveLightingResearchInstituteand

multipleR&Dcenters.Inrecentyears,LiaowangAutoLamphasincreasedR&Dinvestment,acceleratedinvestmentinvariouslensmodulesandinteractivesignallamptechnologies,andcontinuouslyenhanceditsR&Dstrength.NationStarOptoelectronicshascreated14researchplatformsatoraboveprovinciallevel,includingthePostdoctoralResearchStation,andtheNational-andlocal-jointEngineeringLaboratoryforSemiconductorLightingMaterialsandComponents.Ithasundertakenover30nationalresearchprojectssuchasthekeynationalR&Dprograms,inadditiontomorethan100provincialandmunicipalresearchprojects.Besides,ithaswonmultiplehonorssuchas“NationalIntellectualPropertyDemonstrationEnterprise”,“ChinaPatentGoldAward”,“NationalScienceandTechnologyProgressAward(first/secondprize)”,aswellas“NationalManufacturingIndividualChampion”.Moreover,ithasconstantlymadebreakthroughsandsurmountedtechnologicalchallengesinemergingareassuchasMini/MicroLED,third-generationsemiconductorpowerdevices,smarthealthsensors,automotiveLEDcomponents,andnewoptoelectroniccomponents.BrandadvantageAsanationalbrandwith67yearsofdeepcultivationinthelightingindustry,theCompanywasrecognizedin2024bytheMinistryofCommerceandfourotherministriesasa“ChinaTime-honoredBrand”andwasselectedasoneofthe“TopTenCasesofInnovationforChinaTime-honoredBrands”bytheMinistryofCommerce.DuringtheReportingPeriod,theCompany’sbrandinfluenceandvaluereachednewhighs.ThelatestbrandvaluestoodatRMB47,507million,ayear-on-yearincreaseof20.64%,markingahistorichighandmaintainingitspositioninthetoptwoofthenationalindustry.TheCompanyhasbeenlistedamongthe“Top500MostValuableChineseBrands”for20consecutiveyears.Byaligningimprovementsincorporatedevelopmentpositioning,productdesign,anduserexperience,theCompanyhasreshapeditscorporatevaluesystemandrefinedits“Technology-FSL”brandstrategy,successfullycompletingthelaunchofarenewedandupgradedbrandimage.Centeringonanewbrandimageof“youth,technology,fashion,”theCompanyimplementedamultidimensionalcommunicationstrategy,introducedanewbrandIPimage“LightXiaoming,”andintegratedmainstreammediaresourceslikeXinhuaNewsAgencyandSouthernmedia,withover320milliononlinecommunicationexposuresgeneratedinthefirsthalfoftheyear.TheseeffortsacceleratedthetransformationofFSLfromanindustrybrandintoamainstreamconsumerbrand,breathingnewlifeintothistime-honoredenterprise.Thebrand“FSL”hasbecomeoneofthemostinfluentialandpopularindustrialbrandsinChina,andthepowerfulbrandinfluencehasplayedakeyroleindrivingthesustainedgrowthoftheCompany’ssales.LiaowangAutoLampstrictlyabidesbythenationalindustrystandardswhenproducingautomotivelightsofthe“Liaowang”brand.Ithasbeenhailedasahigh-qualitysupplierofrelatedautomobileenterprisesseveraltimes.NationStarOptoelectronicsactivelyparticipatesinvariousimportantindustryexhibitionsandforums,andhasearnedhighrecognitionbothwithinandoutsidetheindustrythroughitsprofoundprofessionalbackgroundandactiveengagement.Asaresult,ithasreceivedhonorssuchas“BrandPower”and“TopTenLEDPackagingBrands,”continuallyenhancingitsprofessionalimage,brandawareness,andreputation.ChanneladvantageTheCompanyhasbeenstickingtothemarketstrategyofdeeplycultivatingandrefiningchannels.Overyearsofdevelopmentandexperience,theCompanyhasbeenequippedwiththreemajorsaleschannelsindomesticmarket(household,commerce,ande-commercechannels),formingamarketingnetworkcoveringthewholecountry;inforeignmarket,theCompanyhasmadeactivestepstodevelopinternationalmarketbusiness,soldproductstomorethan120countriesandregionsinNorthAmerica,Europe,SoutheastAsia,AfricaandOceania,andkeptimprovingoverseassaleschannel.Byvirtueofitspowerfulandcomprehensivesaleschannels,theCompanyhasenableditsproductstoentermarketrapidly,substantiallyenhancingitsmarketdevelopmentabilitiesandcompetitiveness.HuleElectricalEquipmentisoneofthemajormanufacturersintheshiplightingindustryinChina,andhasestablishedlong-termcooperativerelationshipswithlargedomesticshipbuildingenterprises.BeijingAirtrustisajointventurebetweentheCompanyandGuangzhouAirportIndustrialDevelopmentCo.,Ltd.,focusingonaviationlightingbusinesssuchasrunwayapproachlights.LiaowangAutoLampisamajormanufacturerintheChineseautomotivelightindustry.Ithasaccumulatedstablewhole-automobilemanufacturingclientsandhasbeendevelopingcustomersofmedium-andhigh-endandnewenergyvehiclemakers.Itscliententitiesareincreasinglydiverse.NationStarOptoelectronicshasanexcellentclientstructure.Ithasestablishedalong-termcooperativerelationshipwithindustry-leadingdisplaymanufacturersandinternationallyfamoushomeapplianceenterprises,hassuccessfullyshowcaseditsproductsinmanylargeeventsandhigh-endvenuesathomeandabroad,andiswidelyrecognizedbyendclientsandthemarket.

ScaleadvantageAsoneoftheenterprisestofirststepintotheindustryofproducingandsellinglightingproducts,theCompanyformsacapabilityofmassmanufacturingbyyearsofexperienceaccumulation.Afteryearsofcontinuousinvestment,theCompanyhasgreatlyimproveditsproductionautomationlevel.Thelarge-scaleandcentralizedproductionbringsobviouseconomicbenefitstotheCompany,whichnotonlyshowsinmanufacturecostofproducts,butalsoshowsinaspectssuchasrawmaterialprocurementandpricenegotiation.HuleElectricalEquipmentisanimportantdomesticmanufacturerofshiplightingfixtures,havingbeendeeplyrootedintheindustryformanyyears.Itisoneoftheleadingcompaniesinthedomesticshiplightingfixtureindustry.WithmanufacturingbasesinNanning,Liuzhou,Chongqing,Qingdao,SuzhouandIndonesia,LiaowangAutoLamphasanannualproductioncapacityofmorethan5millionsetsofautomotivelights.NationStarOptoelectronicsbeganengaginginLEDpackagingin1976.ItisincludedinthefirstbatchofenterprisesthathaveproducedLEDproductsandthefirstChineseenterprisetogopublicwithLEDpackagingasitsprincipalbusiness.Besides,itisoneofthelargestLEDmanufacturersinChina.AdvantageofaverticalandintegratedLEDindustrialchainTheCompanyachievedfullcoverageoftheLEDindustrychainbyholdingequityinNationStarOptoelectronics,includingupstreamLEDchipmanufacturing,midstreamLEDpackaging,anddownstreamLEDapplicationproducts.ThisoptimizationoftheindustrychainfurtherenhancestheCompany’scompetitivenessandinfluenceintheindustry.

IIIAnalysisofPrincipalOperations

1.OverviewDuringthefirsthalfof2025,inthefaceofmountingpressureonglobaleconomicgrowth,anincreasingnumberofadversefactorsintheinternationalpoliticalandeconomiclandscape,andintensifyingindustrycompetition,theCompanyadheredtotheworkstrategyof“ThreeLeads,ThreeStabilizations,FourTransformations,andFiveStrengths”andfocusedcloselyonthebusinessthemeof“LeanManagement,Breakthrough,andClimbingHigher”.TheCompanymadeeveryefforttoexpandmarkets,strengtheninnovation,andenhancequalityandefficiency.Asaresult,theCompanyrecordedoperatingrevenueofRMB4,385.7311millionandanetprofitattributabletotheshareholdersofthelistedcompanyofRMB114.9938million.ThehighlightsoftheCompany’sworkduringtheReportingPeriodareasfollows:

(1)ExpandingthemarketthroughallpossiblemeansFirst,itlaunchedthedomesticcounteroffensive.Leveragingthe“GuangdongSpecialOperationsZone”and“OrangeAction”asspringboards,theCompanyacceleratedthepenetrationofhardwaredistributionchannelsandbuiltaleandistributionsystemforcommercialproducts.ThisenabledtheCompanytoexpandinto43untappedregionalmarketsandaddover1,600high-qualityoutlets.Itsecuredover20multi-million-RMBprojectsandwonbidsforcentralizedprocurementprojectsfromover30largeenterprisesanddesigninstitutes.Meanwhile,thee-commercesectorcapitalizedonthenationaltrade-insubsidyprogramandlive-streamingpromotions,drivingtrafficandsalestoachievea10.76%year-on-yearrevenuegrowth.Second,itexecutedtheexportexpansiondrive.Seizingthe“90-daytariffexemptionwindow,”theCompanyclearedbackloggedorderstoensureon-timedelivery.Employingadifferentiatedstrategy,itacceleratedexpansionintoemergingmarkets,includingthosealongtheBeltandRoad,securingrepresentationinsixpreviouslyuntappedcountries.Additionally,theCompanyacquiredmultiplemulti-million-RMBcustomer,wonbidsforseveraloverseasengineeringprojects,anddroveyear-on-yearsalesgrowthinEurope,Africa,theMiddleEast,andSoutheastAsia.Concurrently,itsproductmixcontinuedtoimprove.Revenuefromsmartproductsandkeylightingfixturesincreasedsubstantially,whilerevenuefromself-ownedbrandsachieveddouble-digitgrowth.Third,itsecuredbreakthroughsinnewgrowthareas.LiaowangAutoLampsecuredsixnewprojectsformid-to-high-endvehiclemodels,achievingalandmarkbreakthroughwithaluxuryautomakeranddrivingrevenuegrowthof9.52%year-on-year.TheAutoLampDivisionfurtherexpandeditsportfoliowithsixnewmodule

projectsandventuredintotheautomotivelightingcontrollersegment.Inmarinelighting,theCompanylandedthe“ZhanjiangBayNo.1”smartmarineranchprojectandwonthebidforadynamicrhythmlightingsystemprototype,markingitsentryintothehigh-enddeep-searhythmlightingsector.Forsportslighting,keyprojectsexecutedincludedtheNationalYouthFootballTrainingBaseandthelightingrenovationfortheShanghaiPUSHBasketballCenter.Regardingtheplantandanimallighting,theCompanyacceleratedtheapplicationandpromotionofspecializedlightenvironmentsforspecialtyeconomicplantsandsecuredprojectswithseveralmajoraquacultureenterprises,resultingina46.75%year-on-yearsalesincrease.

(2)UnwaveringcommitmenttoinnovationFirst,itdroveaseriesofcollaborativeinnovationachievements.Adheringtotheprincipleofcomplementarystrengths,theCompanyexpandedits“Lighting+Cross-IndustryPartnership,”focusingonmultiplecutting-edgelightingtechnologyfieldsincludinghealthlighting,marinelighting,andintelligentsensing.Itengagedinextensivecollaborationwithrenowneduniversities,researchinstitutions,andpartners,integratingR&Dresourceswithindustrydemandstoexplorethedeepintegrationofinnovativetechnologiesintolightingproductdevelopmentandsolutionbuilding.Second,itachievedhard-coretechnologicalbreakthroughs.TheCompanylaunchedAILightCodetechnology,enablingfull-scenariointelligentspectralapplicationsforhome,commercial,andotherenvironments.Italsoupgradedthelightingsystemforthenationalkeyproject“Jiaolong”submersible,enhancingdeep-seaexplorationandprecisesearchcapabilities,withamaximumdepthof10,500meters.TheMDLintelligenthuman-vehicleinteractiontechnologywasappliedtomass-producednewenergyvehiclemodels,markingabreakthrough.ThemicrowaveinductionLEDkeytechnologywonthethirdprizeforscientificprogressfromtheChinaLightIndustryCouncil.TheCompanyintroducedtheMIP+module+GOBintegratedpackagingsolution,advancingmicro-pitchdisplaytechnology.TheMiniLEDbacklightmodulecanbecustomizedtomeetcustomerneeds,leadingtheupgradeofin-vehicledisplaytechnology.Third,itcontributedtoindustrystandards.WithAS9100DaerospacequalitysystemcertificationandIECExinternationalexplosion-proofcertification,theCompanyhad186newauthorizedpatentsbytheendoftheReportingPeriod.TheCompanyhostednationalmandatorystandardsrevisionseminarsandreleasedtenstandardsatvariouslevels,includingroadtunnellightingenergyefficiency,vehiclelighting,andlightsignaldurability.TheseeffortshavefurtherenhancedtheCompany’squalificationsandindustryinfluence.

(3)MultiplemeasurestoimprovequalityandefficiencyFirst,theCompanyenhancedqualityandefficiencythroughdigitalupgrades.IthaslaunchedandimplementedprojectssuchasthePLMsystemandAIsmartcustomerservicerobots,aswellasintroducedfullyautomatedphotometryandflexibleproductionlines,whichhaveimprovedproductionefficiencyandshortenedorderdeliverycycles.Second,itreducedcostsandcontrolledexpenseswithmeticulousbudgeting.Byenforcingfull-processbudgetcontrol,theCompanyhaspromotedcostreductionacrosstheentirechain,includingmanagement,R&D,design,procurement,production,andsupplychain,andestablishedcross-department“eliteprojectteams”tooptimizeandreducecostsfor34keyproductcategories,improvingproductcompetitiveness.Third,ittightenedandsolidifiedthemanagementof“twofunds”.TheCompanyhasincreasedtheweightofthesefundsinperformanceappraisal,managingboththereductionofincrementalincreasesandtheclearanceofexistingstock.Strictorderclassificationandevaluationsystems,aswellasdealercreditmanagement,havebeenimplementedtocurbdebtgrowth,whilemeasuressuchaslegalactionandspecialteamshavebeenusedtoexpeditetherecoveryofreceivables.Fourth,itconductedprocessoptimizationtoimproveefficiency.TheCompanyhascompletedover40institutionalrevisions,optimized33businessprocessesand78managementprocesses,andbuiltthestructureandoperationsofthe“threemajorcenters”ofsupplychain,productsandsolutions,qualityandcustomerservice.Thetrialproductioncyclefornewproductshasbeenreducedbyover30%,andproductandmaterialSKUshavebeenstreamlined.

2.Year-on-yearChangesinKeyFinancialData

Unit:RMB

	H12025	H12024	Change(%)	Mainreasonforchange
Operatingrevenue	4,385,731,119.78	4,784,545,767.42	-8.34%

	H12025	H12024	Change(%)	Mainreasonforchange
Costofsales	3,565,320,556.68	3,870,251,108.01	-7.88%
Sellingexpense	182,892,072.03	167,217,797.90	9.37%
Administrativeexpense	224,001,579.55	226,332,962.51	-1.03%
Financecosts	-17,117,656.17	-30,606,244.74	44.07%	Exchangeratefluctuationsinthecurrentperiod
Incometaxexpense	18,318,812.92	24,632,382.12	-25.63%
R&Dexpense	286,580,266.83	288,841,483.79	-0.78%
Netcashflowfromoperatingactivities	9,845,012.95	384,593,044.61	-97.44%	Reducedcashreceiptsfromsalesofproductsinthecurrentperiod
Netcashflowfrominvestingactivities	-18,934,602.88	-831,982,796.40	97.72%	Purchaseofarelativelyhighamountoflargedepositoryreceiptsinthepreviousperiod
Netcashflowfromfinancingactivities	-131,887,757.84	19,514,293.35	-775.85%	Year-on-yeardecreaseinbankborrowingsandyear-on-yearincreaseintherepaymentofbankborrowingsinthecurrentperiod
Netincreaseincashandcashequivalents	-138,553,235.69	-413,495,213.21	66.49%	Year-on-yeardecreaseinnetcashflowsfromoperatingactivitiesandfinancingactivities,andyear-on-yearincreaseinnetcashflowfrominvestingactivitiesinthecurrentperiod
Held-for-tradingfinancingassets	2,288,376.68	43,649,820.47	-94.76%	Deliveryuponmaturityofwealthmanagementproductsinthecurrentperiod

	H12025	H12024	Change(%)	Mainreasonforchange
Prepayments	32,710,901.40	24,419,779.12	33.95%	Increaseinprepaymentsintheordinarycourseofbusinessinthecurrentperiod
Contractassets	1,126,681.30	1,690,021.95	-33.33%	Receiptofcustomerpaymentsinthecurrentperiod
Othercurrentassets	414,826,910.56	261,284,776.85	58.76%	Termdepositsmadeinthecurrentperiod
Short-termborrowings	199,599,173.96	307,141,147.49	-35.01%	Repaymentofbankborrowingsandde-recognitionofdiscountednotesreceivablewithrecourseuponmaturityinthecurrentperiod
Financialliabilitiesheldfortrading		275,250.00	-100.00%	Changesinthefairvalueofforwardexchangesettlementproductscausedbyexchangeratefluctuations
Long-termborrowings	131,440,187.61	222,581,930.54	-40.95%	Repaymentofbankborrowingsinthecurrentperiod
Treasurystock		82,165,144.15	-100.00%	Cancellationoftreasurystocksinthecurrentperiod
Investmentincomefromassociatesandjointventures	646,719.77	1,444,720.72	-55.24%	Decreasednetprofitattributabletoownersofjointventuresastheparentinthecurrentperiod
Gainonchangesinfairvalue(“-”forloss)	345,894.65	-601,447.40	157.51%	Changesinthefairvalueoffinancialinstrumentsinthecurrentperiod
Creditimpairmentloss(“-”forloss)	-12,101,495.69	-38,270,808.58	68.38%	Decreasedallowanceforexpectedcredit

	H12025	H12024	Change(%)	Mainreasonforchange
				lossinthecurrentperiodcomparedwiththesameperiodoflastyear
Assetimpairmentloss(“-”forloss)	-22,424,871.33	-36,958,804.89	39.32%	Decreasedinventoryvaluationallowancesinthecurrentperiodcomparedwiththesameperiodoflastyear
Assetdisposalincome(“-”forloss)	-64,693.00	-99,108.79	34.73%	Decreaseinthelossondisposalofassetsinthecurrentperiodcomparedwiththesameperiodoflastyear
Non-operatingincome	2,113,315.35	3,054,859.55	-30.82%	Higherrevenuefromliquidateddamagesinthepreviousperiod
Non-operatingexpense	2,087,195.60	486,217.43	329.27%	Increaseinfinesandlatepaymentpenaltiesinthecurrentperiod
Othercomprehensiveincome,netoftax	213,491,772.64	-22,766,075.54	1,037.76%	Increasedchangesinthefairvalueofinvestmentsinotherequityinstrumentsinthecurrentperiodcomparedwiththesameperiodoflastyear
Othercomprehensiveincome,netoftaxattributabletoownersoftheCompanyastheparent	213,835,708.05	-22,203,388.92	1,063.08%	Increasedchangesinthefairvalueofinvestmentsinotherequityinstrumentsinthecurrentperiodcomparedwiththesameperiodoflastyear
Changesinthefairvalueofinvestmentsinotherequityinstruments	214,283,065.88	-21,548,515.71	1,094.42%	Increasedchangesinthefairvalueofinvestmentsinotherequityinstrumentsinthecurrentperiodcomparedwiththesameperiodoflast

	H12025	H12024	Change(%)	Mainreasonforchange
				year
Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements	-447,357.83	-654,873.21	31.69%	FluctuationsoftheRMBagainstforeigncurrencies
Othercomprehensiveincome,netoftaxattributabletonon-controllinginterests	-343,935.41	-562,686.62	38.88%	FluctuationsoftheRMBagainstforeigncurrencies

MaterialchangestotheprofitstructureorsourcesoftheCompanyintheReportingPeriod:

□Applicable?NotapplicableNosuchchangesintheReportingPeriod.

3.BreakdownofOperatingRevenue

Unit:RMB

	H12025		H12024		Change(%)
	Operatingrevenue	As%oftotaloperatingrevenue(%)	Operatingrevenue	As%oftotaloperatingrevenue(%)	Change(%)
Total	4,385,731,119.78	100%	4,784,545,767.42	100%	-8.34%
Byoperatingdivision
Lightingproductsandluminaries	2,632,166,173.46	60.02%	2,867,569,798.18	59.93%	-8.21%
Electroniccomponentmanufacturing	1,260,619,128.02	28.74%	1,441,392,532.40	30.13%	-12.54%
Exporttradeandother	492,945,818.30	11.24%	475,583,436.84	9.94%	3.65%
Byproductcategory
Generallightingproducts	1,555,797,106.24	35.47%	1,718,962,585.41	35.93%	-9.49%
LEDpackaging	1,138,917,060.61	25.97%	1,323,471,292.10	27.66%	-13.94%

	H12025		H12024		Change(%)
	Operatingrevenue	As%oftotaloperatingrevenue(%)	Operatingrevenue	As%oftotaloperatingrevenue(%)	Change(%)
andcomponents
Autolamps	1,013,526,856.90	23.11%	1,045,063,423.50	21.84%	-3.02%
Tradeandother	677,490,096.03	15.45%	697,048,466.41	14.57%	-2.81%
Byoperatingsegment
Domestic	3,419,449,003.11	77.97%	3,747,878,177.49	78.33%	-8.76%
Overseas	966,282,116.67	22.03%	1,036,667,589.93	21.67%	-6.79%

4.OperatingDivision,ProductCategoryorOperatingSegmentContributingover10%ofOperatingRevenueorOperatingProfit?Applicable□Notapplicable

Unit:RMB

	Operatingrevenue	Costofsales	Grossprofitmargin	YoYchangeinoperatingrevenue(%)	YoYchangeincostofsales(%)	YoYchangeingrossprofitmargin(%)
Byoperatingdivision
Lightingproductsandluminaries	2,632,166,173.46	2,021,006,401.06	23.22%	-8.21%	-8.25%	0.03%
Electroniccomponentmanufacturing	1,260,619,128.02	1,065,770,286.77	15.46%	-12.54%	-13.75%	1.19%
Exporttradeandother	492,945,818.30	478,543,868.85	2.92%	3.65%	10.82%	-6.28%
Byproductcategory
Generallightingproducts	1,555,797,106.24	1,142,860,150.29	26.54%	-9.49%	-9.93%	0.35%
LEDpackagingandcomponents	1,138,917,060.61	944,141,765.80	17.10%	-13.94%	-14.15%	0.20%

Autolamps	1,013,526,856.90	833,677,921.36	17.74%	-3.02%	-3.15%	0.11%
Tradeandother	677,490,096.03	644,640,719.23	4.85%	-2.81%	0.58%	-3.20%
Byoperatingsegment
Domestic	3,419,449,003.11	2,742,697,709.96	19.79%	-8.76%	-8.57%	-0.17%
Overseas	966,282,116.67	822,622,846.72	14.87%	-6.79%	-5.49%	-1.17%

DataofprincipaloperationsofthelatestperiodadjustedaccordingtothechangedstatisticalcaliberintheReportingPeriod:

□Applicable?NotapplicableIVAnalysisofNon-PrincipalOperations?Applicable□Notapplicable

Unit:RMB

	Amount	As%ofprofitbeforetax	Source/Reason	Recurrentornot
Returnoninvestment	27,447,075.84	16.51%	Dividendincomefromotherequityinvestmentsheldduringtheperiod,andinterestincomefromotherdebtinvestments	Yes
Gain/lossonchangesinfairvalue	345,894.65	0.21%	Changesinfairvalueoffinancialinstruments	Yes
Assetimpairments	-22,424,871.33	-13.49%	Inventoryvaluationallowances	Yes
Non-operatingincome	2,113,315.35	1.27%	Carryforwardsofpayablesthatrequirenopaymentandrevenuefromliquidateddamagesinthecurrentperiod	Not
Non-operatingexpense	2,087,195.60	1.26%	Finesandlatepaymentpenaltiesinthecurrentperiod	Not
Otherincome	45,245,132.45	27.22%	Receiptofcontinuinggovernmentgrants	Not
Creditimpairmentloss(“-”forloss)	-12,101,495.69	-7.28%	Allowancesfordoubtfulaccountsreceivableand	Yes

	Amount	As%ofprofitbeforetax	Source/Reason	Recurrentornot
			otherreceivables
Assetdisposalincome(“-”forloss)	-64,693.00	-0.04%	Gainsorlossesonthedisposalofnon-currentassets	Not

VAnalysisofAssetsandLiabilities

1.SignificantChangesinAssetComposition

Unit:RMB

	June30,2025		December31,2024		Changeinpercentage(%)	Mainreasonforsignificantchange
	Amount	As%oftotalassets	Amount	As%oftotalassets	Changeinpercentage(%)	Mainreasonforsignificantchange
Monetaryassets	3,084,419,399.18	17.96%	3,209,127,437.31	18.70%	-0.74%	Termdepositsmadeinthecurrentperiod
Accountsreceivable	2,243,390,191.30	13.06%	2,125,667,291.96	12.39%	0.67%	Appropriateextensionofpaymentdaysforsomehigh-qualitycustomers
Contractassets	1,126,681.30	0.01%	1,690,021.95	0.01%	0.00%
Inventory	2,025,757,449.08	11.80%	2,025,499,361.38	11.80%	0.00%
Investmentproperty	827,883,993.63	4.82%	793,487,046.02	4.62%	0.20%
Long-termequityinvestments	180,947,314.66	1.05%	180,300,594.89	1.05%	0.00%
Fixedassets	3,572,275,761.68	20.80%	3,646,594,206.04	21.25%	-0.45%
Constructioninprogress	293,945,488.06	1.71%	263,601,705.89	1.54%	0.17%
Right-of-useassets	18,139,960.72	0.11%	22,342,999.34	0.13%	-0.02%
Short-term	199,599,173.96	1.16%	307,141,147.49	1.79%	-0.63%	Repaymentof

	June30,2025		December31,2024		Changeinpercentage(%)	Mainreasonforsignificantchange
	Amount	As%oftotalassets	Amount	As%oftotalassets	Changeinpercentage(%)	Mainreasonforsignificantchange
borrowings						bankborrowingsandde-recognitionofdiscountednotesreceivablewithrecourseuponmaturityinthecurrentperiod
Contractliabilities	142,244,278.82	0.83%	119,506,301.48	0.70%	0.13%
Long-termborrowings	131,440,187.61	0.77%	222,581,930.54	1.30%	-0.53%	Repaymentofbankborrowingsinthecurrentperiod
Leaseliabilities	11,380,772.63	0.07%	15,023,993.11	0.09%	-0.02%
Notesreceivable	792,038,054.34	4.61%	997,281,070.21	5.81%	-1.20%	Maturityofsomenotesreceivableinthecurrentperiod
Receivablesfinancing	380,276,549.15	2.21%	352,694,866.89	2.06%	0.15%
Othercurrentassets	414,826,910.56	2.42%	261,284,776.85	1.52%	0.90%	Termdepositsmadeinthecurrentperiod
Otherdebtinvestments	1,155,317,713.39	6.73%	1,140,022,863.72	6.64%	0.09%
Investmentsinotherequity	747,257,412.11	4.35%	726,663,613.42	4.23%	0.12%
Intangibleassets	383,721,802.95	2.23%	388,587,348.99	2.26%	-0.03%
Notespayable	1,781,207,077.08	10.37%	1,930,784,817.62	11.25%	-0.88%	Decreasedpaymentofordinarycourseofbusinessusingnotesinthecurrentperiod

	June30,2025		December31,2024		Changeinpercentage(%)	Mainreasonforsignificantchange
	Amount	As%oftotalassets	Amount	As%oftotalassets	Changeinpercentage(%)	Mainreasonforsignificantchange
Accountspayable	2,765,954,401.30	16.11%	2,781,965,096.70	16.21%	-0.10%
Otherpayables	669,335,888.63	3.90%	495,717,050.97	2.89%	1.01%	The2024finaldividendincashwasdeclaredandprovidedforinthecurrentperiod
Othercurrentliabilities	394,759,280.65	2.30%	377,156,212.40	2.20%	0.10%

2.MajorAssetsOverseas

□Applicable?Notapplicable

3.AssetsandLiabilitiesatFairValue?Applicable□Notapplicable

Unit:RMB

Item	Beginningamount	Gain/lossonfair-valuechangesintheReportingPeriod	Accumulatedfair-valuechangeschargedtoequity	ImpairmentallowancefortheReportingPeriod	PurchasedintheReportingPeriod	SoldintheReportingPeriod	Otherchanges	Endingamount
Financialassets
1.Held-for-tradingfinancialassets(exclusiveofderivativefinancialassets)	43,649,820.47	345,894.65			75,000,000.00	116,707,338.44		2,288,376.68
3.Otherdebtinvestments	1,140,022,863.72						15,294,849.67	1,155,317,713.39
4.Investments	726,663,613.42	262,796,583.56	500,992,833.73		7,320,000.00	249,522,784.87		747,257,412.11

Item	Beginningamount	Gain/lossonfair-valuechangesintheReportingPeriod	Accumulatedfair-valuechangeschargedtoequity	ImpairmentallowancefortheReportingPeriod	PurchasedintheReportingPeriod	SoldintheReportingPeriod	Otherchanges	Endingamount
inotherequityinstruments
5.Receivablesfinancing	352,694,866.89						27,581,682.26	380,276,549.15
Totaloftheabove	2,263,031,164.50	263,142,478.21	500,992,833.73		82,320,000.00	366,230,123.31	42,876,531.93	2,285,140,051.33
Financialliabilities	275,250.00					275,250.00		0.00

Detailsaboutotherchanges:

(1)ThepurchasedamountintheReportingPeriodofotherdebtinvestmentsreferredtothecashmanagement(largedepositoryreceipts)bytheCompanywithitsowntemporarilyidlefunds,whichwasclassifiedasfinancialassetsatfairvaluethroughothercomprehensiveincome.IntheReportingPeriod,otherchangesrecordedRMB15,294,849.67ofcumulativerecognizedinterest.

(2)OtherchangesinreceivablesfinancingincreasedbyRMB27,581,682.26inthecurrentperiod.SignificantchangestothemeasurementattributesofthemajorassetsintheReportingPeriod:

□Yes?No

4.RestrictedAssetRightsasatthePeriod-End

Unit:RMB

Item	Endingcarryingvalue	Reasonforrestriction
Monetaryassets	524,122,497.12	Securitydepositsfornotes,performancebonds,paymentsbybuyersforpre-saleofproperties
Notesreceivable	830,930,917.23	Inpledgefornotespool,unduenotesreceivablethathavebeenendorsedordiscounted
Receivablesfinancing	7,600,759.79	Inpledgefornotespool
Fixedassets	207,316,221.86	Asmortgageandguaranteeforrelatedparty,seeXVI3.OthersinPartXIII
Intangibleassets	10,263,929.82

Item	Endingcarryingvalue	Reasonforrestriction
Othernon-currentassets	663.57	Frozenfunds
Total	1,580,234,989.39	——

VIInvestmentsMade

1.TotalInvestmentAmount?Applicable□Notapplicable

InvestmentamountintheReportingPeriod(RMB)	Investmentamountinthesameperiodoflastyear(RMB)	Change(%)
156,790,198.87	88,163,470.03	77.84%

2.MajorEquityInvestmentsMadeintheReportingPeriod

□Applicable?Notapplicable

3.MajorNon-EquityInvestmentsOngoingintheReportingPeriod?Applicable□Notapplicable

Unit:RMB

Nameofproject

Wayofinvestment

Fixedassetinvestmentornot

Industryoftheinvestmentproject

InputintheReportingPeriod

Cumulativeinputasattheperiod-end

Fundingsource

Projectprogress

Predictedreturn

Cumulativereturnasattheperiod-end

Reasonforfailuretoreachtheplannedprogressandpredictedreturn

Dateofdisclosure(ifany)

Disclosureindex(ifany)

TheJiliIndustrialParkproject(notincludinglandpurchase)

Other

Yes

LEDpackaging

136,605,328.31

778,400,697.35

Self-pooledfunds

45.40%

N/A

August7,2020

AnnouncementonInvestmentintheConstructionofNationStarOptoelectronics’JiliIndustrialParkProjectonwww.cninfo.com.cn(announcementofsubsidiaryNationStarOptoelectronics)

Total

136,605,328.31

778,400,697.35

4.FinancialInvestments

(1)SecuritiesInvestments

?Applicable□Notapplicable

Unit:RMB

Securitytype	Securitycode	Securityname	Initialinvestmentcost	Measurementmethod	Beginningcarryingvalue	Gain/lossonfair-valuechangesintheReportingPeriod	Accumulatedfair-valuechangeschargedtoequity	PurchasedintheReportingPeriod	SoldintheReportingPeriod	Gain/lossinReportingPeriod	Endingcarryingvalue	Accountingtitle	Fundingsource
Domestically/Overseaslistedstock	601187	XiamenBankCo.,Ltd.	152,957,606.83	Fairvaluemethod	323,502,024.60	65,962,292.25	236,506,710.02			9,177,362.40	389,464,316.85	Investmentsinotherequityinstruments	Self-funded
Domestically/Overseaslistedstock	002074	GotionHigh-techCo.,Ltd.	46,404,427.75	Fairvaluemethod	363,579,045.02	196,834,291.31	264,486,123.71		249,522,784.87		310,890,551.46	Investmentsinotherequityinstruments	Self-funded
Domestically/Overseaslistedstock	601777	QianliTechnology	1,306,956.18	Fairvaluemethod	1,926,438.30	211,530.48				211,530.48	2,137,968.78	Held-for-tradingfinancialassets	Other
Other	N/A	FoshanbranchofGuangdongDevelopmentBank	500,000.00	Fairvaluemethod	500,000.00					72,432.86	500,000.00	Investmentsinotherequityinstruments	Self-funded
Domestically/Overseaslistedstock	000980	ZOTYEAutomobile	423,448.92	Fairvaluemethod	62,376.61	-7,568.71				-7,568.71	54,807.90	Held-for-tradingfinancialassets	Other

Securitytype

Securitycode

Securityname

Initialinvestmentcost

Measurementmethod

Beginningcarryingvalue

Gain/lossonfair-valuechangesintheReportingPeriod

Accumulatedfair-valuechangeschargedtoequity

PurchasedintheReportingPeriod

SoldintheReportingPeriod

Gain/lossinReportingPeriod

Endingcarryingvalue

Accountingtitle

Fundingsource

Trustproduct

N/A

HangzhouIndustrial&CommercialTrustCo.,Ltd.

1,500,000.00

Fairvaluemethod

1,543,950.00

7,969.05

Held-for-tradingfinancialassets

Self-funded

Total

203,092,439.68

691,113,834.53

263,000,545.33

500,992,833.73

251,066,734.87

9,461726.08

703,047,644.99

(2)InvestmentsinDerivativeFinancialInstruments

?Applicable□Notapplicable

1)DerivativeInvestmentsforHedgingPurposesintheReportingPeriod

?Applicable□Notapplicable

Unit:USD’0,000

Typeofderivative	Initialinvestmentamount	Beginninginvestmentamount	Gain/lossonfair-valuechangesintheReportingPeriod	Accumulatedfair-valuechangeschargedtoequity	PurchasedintheReportingPeriod	SoldintheReportingPeriod	Endinginvestmentamount	Endinginvestmentamountas%oftheCompany’sendingequity
Generalforward	300	0	0.54	0	300	300	0	0.00%
Generalforward	100	0	1.34	0	100	0	100	0.07%

Generalforward	650	650	0	0	0	650	0	0.00%
Total	1,050	650	1.88	0	400	950	100	0.07%
MajorchangesinaccountingpoliciesandspecificaccountingprinciplesadoptedforhedgesintheReportingPeriodcomparedtothelastreportingperiod	No
Actualgain/lossintheReportingPeriod	TheactualgainstoodatUSD-2,800intheReportingPeriod.
Effectivenessofhedging	TheCompanycarriesoutforeignexchangehedgingbusinessappropriatelyaccordingtospecificsituations,whichcaneffectivelyreducetheforeignexchangemarketrisk,lockinindustrialprofitofexportbusinessandavoidexchangeraterisk.
Fundingsource	Self-funded
AnalysisofrisksandcontrolmeasuresassociatedwithderivativeinvestmentsheldinReportingPeriod(includingbutnotlimitedtomarketrisk,liquidityrisk,creditrisk,operationalrisk,legalrisk,etc.)	Riskanalysisoftheforwardforeignexchangesettlement:1.Marketrisk:Giventheunpredictabilityofeconomicchangesathomeandabroad,theforeignexchangehedgingbusinessfacesmarketrisk,tosomeextent.2.Foreigncurrencyrisk:WhentheforeigncurrencytrendgreatlydeviatesfromtheCompany’sjudgmentofsuchtrend,theexpensesafterlockingtheexchangeratemightexceedthatbeforedoingso,resultinginlossestotheCompany.3.Internalcontrolrisk:Imperfectinternalcontrolpoliciesprobablytriggerriskstotheforeignexchangehedgingbusiness,asitishighlyprofessionalandcomplex.4.Tradingdefaultrisk:IfthecounterpartyofforeignexchangehedgingdefaultsbyfailingtopayhedgingearningstotheCompanyasagreed,theactualexchangelossoftheCompanywillnotbeoffset.5.Collectionforecastrisk:Marketingdepartmentsforecastcollectionbasedontheactualandexpectedordersofcustomers.Inpractice,customersmayadjustsuchorders.Asaresult,theCompany’scollectionforecastwillnotbeaccurate,leadingtodeliveryrisks.Adoptedriskcontrolmeasures:1.TheCompanywillstrengthentheresearchandanalysisoftheexchangerate.Whentheexchangeratefluctuatesgreatly,itwilladjustthebusinessstrategyinatimelymannertostabilizetheexportbusinessandavoidexchangelossestotheutmost.2.TheCompanyhasestablishedtheManagementSystemforForeignExchangeHedgingandmajority-ownedsubsidiaryNationStarOptoelectronicshasalsoformulatedtheManagementSystemforForwardForexSettlementandSaleandForexOptionTransactions,clearlydefiningtheoperatingprinciples,approvalauthority,responsibledepartmentandresponsibleperson,internaloperationprocedures,informationisolationmeasures,internalriskreportingsystem,riskmanagementprocedures,andinformationdisclosurerelatedtotheforeignexchangehedgingbusiness.3.Inordertopreventanydelayintheforeignexchangehedging,theCompanywillstrengthenthemanagement

	ofaccountsreceivable,activelycollectreceivables,andavoidanyoverduereceivables.Inthemeantime,theCompanyplanstoincreasetheexportpurchasesandpurchasecorrespondingcreditinsurancesoastoreducetheriskofdefaultandcustomerdefault.4.TheCompany’sforeignexchangehedgesmustbestrictlybasedontheCompany’sforeignexchangeearningsprediction.Besides,theCompanyshallstrictlycontrolthescaleofitsforeignexchangehedges,andmanageallrisksthattheCompanymayfacewithinacontrollablerange.5.TheinternalauditdepartmentoftheCompanyshallchecktheactualsigningandexecutionsituationofalltradingcontractsonaregularorirregularbasis.
ChangesinmarketpricesorfairvalueofderivativeinvestmentsinReportingPeriod(fairvalueanalysisshouldincludemeasurementmethodandrelatedassumptionsandparameters)	TheCompanycarriesoutrecognitionandmeasurementinaccordancewiththeAccountingStandardforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments,theAccountingStandardforBusinessEnterprisesNo.24—Hedges,theAccountingStandardforBusinessEnterprisesNo.37—PresentationofFinancialInstrumentandotherapplicableregulations.Fairvalueisarrivedatbasedonthepriceprovidedbypricingserviceproviderssuchasbanksorthepriceobtained.Fairvaluemeasurementandrecognitionarecarriedoutonamonthlybasis.ChangesinthefairvalueofforwardexchangesettlementcontractsenteredintobytheCompanyaremainlyattributabletodifferencearisingfromexchangeratefluctuations.
Legalmattersinvolved(ifapplicable)	N/A
Disclosuredateofannouncementonboard’sapprovingderivativeinvestment(ifany)	April30,2024&April23,2025

2)DerivativeInvestmentsforSpeculativePurposesintheReportingPeriod

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

5.UseofFundsRaised?Applicable□Notapplicable

(1)GeneralInformationaboutUseofRaisedFunds?Applicable□Notapplicable

Unit:RMB’0,000

Yearofraising	Wayofraising	Securitieslistingdate	Totalamountraised	Netamountoffundsraised(1)	Usedinthecurrentperiod	Cumulativetotalamountofraisedfundsused(2)	UsageratioofraisedfundsattheendoftheReportingPeriod(3)=(2)/(1)	Re-purposedamountintheReportingPeriod	Cumulativere-purposedamount	Cumulativere-purposedamountas%oftotalamountraised	Unusedamount	Purposeandwhereaboutsoftheunusedamount	Amountbeingidleformorethantwoyears
2023	Issuanceofsharestospecificobjects	December4,2023	109,455.18	108,841.55	7,040.14	27,168.62	24.96%	24,504.84	24,504.84	22.51%	82,483.16	TheCompanyhadacashmanagementbalanceofRMB599millionutilizingtemporarilyidleraisedfunds,andtheremainingamountwasdepositedinthespecialaccountforraisedfunds.	0
Total	--	--	109,455.18	108,841.55	7,040.14	27,168.62	24.96%	24,504.84	24,504.84	22.51%	82,483.16	--	0
		Descriptionoftheuseofraisedfunds
InNovember2023,theCompanyraisedRMB1,094.5518millionthroughashareissuancetospecificinvestors.Afterdeductingissuanceexpensessuchasunderwritingfees,sponsorshipfees,auditfees,andlegalfeestotalingRMB6.1363million,theactualnetproceedsamountedtoRMB1,088.4155million.AsatJune30,2025,theCompanyhadcumulativelyutilizedRMB

(2)PromisedUseofRaisedFunds

?Applicable□Notapplicable

Unit:RMB’0,000

271.6862millionoftheraisedfunds,accountingfor24.96%ofthenetproceeds.

Financingprojectname

Securitieslistingdate

Promisedprojectfundedwithraisedfundsandinvestmentwithover-raisedfunds

Projectnature

Re-purposedorpartiallyre-purposedornot

Totalpromisedinvestmentamountwithraisedfunds

Adjustedtotalamountoftheinvestment(1)

InputintheReportingPeriod

AccumulativeinvestmentamountattheendoftheReportingPeriod(2)

Investmentprogressasattheperiod-end(3)=(2)/(1)

Timewhentheprojectisreadyforitsintendeduse

ReturnsderivedintheReportingPeriod

AccumulativebenefitsrecordedasattheendofReportingPeriod

Meetingtheexpectedreturnsornot

Significantchangetoprojectfeasibilityornot

Promisedprojects

2023IssuanceofSharestoSpecificTargets

December4,2023

FSL’sautomationanddigitalizationproject

Productionandconstruction

Not

36,464.27

35,850.64

900.93

4,436.26

12.37%

November2026

N/A

Not

2023IssuanceofSharestoSpecificTargets

December4,2023

FSLHainanIndustrialParkI

Productionandconstruction

Yes

25,252.91

13,631.82

3,106.32

13,631.82

100.00%

Ended

N/A

Yes

2023IssuanceofSharesto

December4,2023

Thesmartstreetlightsproject

Productionandconstruction

Yes

9,179.52

95.77

100.00%

Ended

N/A

Yes

SpecificTargets
2023IssuanceofSharestoSpecificTargets	December4,2023	Thevehiclelightmoduleproductionproject	Productionandconstruction	Not	24,008.8	24,008.8	897.59	3,564.98	14.85%	May2027	N/A	N/A	N/A	Not
2023IssuanceofSharestoSpecificTargets	December4,2023	TheR&Dcenterconstructionproject	Researchanddevelopmentproject	Yes	14,549.68	14,549.68	2,135.3	5,439.79	37.39%	November2027	N/A	N/A	N/A	Not
Subtotalofpromisedprojects				--	109,455.18	88,136.71	7,040.14	27,168.62	--	--	N/A	N/A	--	--
Useofover-raisedfunds
Therewerenooverraisedfunds.
Total				--	109,455.18	88,136.71	7,040.14	27,168.62	--	--	N/A	N/A	--	--
Explainthecircumstancesandreasonsforfailingtoachievetheplannedprogressandexpectedreturnsbyitem(includingthereasonforselecting“N/A”for“Meetingtheexpectedreturnsornot”)		1.FSL’sAutomationandDigitalizationProject:Thisprojectaimstoprocureadvancedautomatedproductionequipmentandsupportingfacilities,andtoimplementadigitalandintelligenttransformationtoestablishanintelligentmanufacturingsystem.ItwasoriginallyscheduledtoreachitsintendedusablestatebyNovember2026.However,duetothecombinedimpactofaslowdownindomesticmacroeconomicgrowth,overseastariffbarriers,anddecliningcostsofrelatedhardwareandsoftware,theinvestmentprogressoftheprojecthasfallenshortofexpectations.2.R&DCenterConstructionProject:OnJune18,2024,theCompanyheldthe57thmeetingofthe9thBoardofDirectorsandthe29thmeetingofthe9thSupervisoryCommittee,reviewingandpassingtheProposalonExtendingtheR&DCenterConstructionProjectTime.Accordingtotheconstructionstatusandimplementationprogressoftheraisedfundsinvestmentproject,andinlightofthedemandforproductsinthedownstreammarket,therelevantR&DprojectsplannedfortheCompany’sR&DcenterarecurrentlyprogressingsteadilyandthepurchaseofrelevantR&DequipmentandR&D-relatedsoftwareisunderwayinsuccession.However,assomeexperimentalequipmentneedstobecustomizedandtheR&Dequipmentischaracterizedbysmallbatchesandmultiplevarieties,notallequipmenthasbeenprocured,installedorcommissionedadequately.Inviewoftheabovereasons,theCompanyagreedtoextendtheconstructionperiodoftheraisedfundsinvestmentproject“R&Dcenterconstructionproject”bytwoyears,thatis,toextendthetimefortheraisedfundsinvestmentprojecttoreachtheintendedstatusofusetoMay2026.OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,andonMay15,2025,theCompany’s2024generalmeetingofshareholderswasheld,duringwhichtheProposalontheChangeandTerminationofCertainFundraisingInvestmentProjectswas

	reviewedandapproved.DuetoadjustmentsmadetocertainR&Dtopicsandsupportingequipmentduringtheimplementationofthe“R&DCenterConstructionProject,”theCompanyextendedtheinvestmentperiodoftheprojectbyoneandahalfyearstoensuresmoothprojectadvancementandtheachievementofR&Dobjectives.Accordingly,theplanneddatefortheprojecttoreachitsintendedusablestatewillbepostponedtoNovember2027.3.AutomotiveLightingModuleProductionProject:OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,andonMay15,2025,theCompany’s2024generalmeetingofshareholderswasheld,duringwhichtheProposalonAdjustingtheInternalInvestmentStructure,AddingImplementationSites,andPostponingCertainFundraisingInvestmentProjectswasreviewedandapproved.ThroughouttheimplementationoftheAutomotiveLightingModuleProductionProject,theCompanyhasprioritizedprojectqualityandlong-termprofitability,layingasolidfoundationandproceedingwithinvestmentinaphasedmanner.However,duetothestringentcertificationrequirementsforentryintotheautomotivelightingsupplychainsystemandthelongleadtimeforthedeploymentofhigh-endcustomizedequipment,thecurrentinvestmentprogresshasfallenbehindschedule.Therefore,theCompanyextendedtheinvestmentperiodoftheprojectbytwoyears,postponingthedateforittoreachitsintendedusablestatetoMay2027.(Fordetailsonthedelayintheplannedprogressofthe“FSL’sHainanIndustrialParkPhaseI”andthe“SmartStreetlightConstructionProject,”pleaserefertothesection“Particularsaboutsignificantchangetoprojectfeasibility”inthistable.)
Particularsaboutsignificantchangetoprojectfeasibility	1.FSL’sHainanIndustrialParkPhaseIProject:OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,andonMay15,2025,theCompany’s2024generalmeetingofshareholderswasheld,duringwhichtheProposalontheChangeandTerminationofCertainFundraisingInvestmentProjectswasreviewedandapproved.Duetovariousfactors,includingthefactthatChina’smarineindustryisstillinitsearlystagesofdevelopment,theCompany’sexistingproductioncapacityissufficienttomeetthecurrentandnear-futuredemandofthemarinelightingmarket.Therefore,theCompanyintendstoterminatetheimplementationofthisproject(forfurtherdetails,pleaserefertotheAnnouncementontheChangeandTerminationofCertainFundraisingInvestmentProjects,disclosedonApril25,2025onwww.cninfo.com.cn).2.Smartstreetlightconstructionproject:OnApril23,2025,theCompanyconvenedthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thBoardofSupervisors,atwhichtheProposalontheChangeandTerminationofCertainFundedProjectswasreviewedandapproved.Duetoaslowdownininvestmentbylocalgovernmentsinmunicipalinfrastructureinrecentyears,themarketdemandfornewinfrastructureprojectssuchassmartstreetlightshasgrownataratebelowexpectations,resultingininsufficientprojectorders.Therefore,theCompanyproposestoterminatetheimplementationofthe“SmartStreetlightConstructionProject”(Forfurtherdetails,pleaserefertotheAnnouncementontheChangeandTerminationofCertainFundedProjects,disclosedonApril25,2025oncninfo.com.cn).
Amount,purposeanduseprogressofover-raisedfunds	N/A
Unauthorizedchangeofthepurposeofraisedfundsandmisappropriationofraisedfunds	N/A
Changeofimplementationlocationofraisedfundsinvestmentprojects	Applicable
	OccurredduringtheReportingPeriod
	1.OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,duringwhichthe

	ProposalonAdjustingtheInternalInvestmentStructure,AddingImplementationSites,andPostponingCertainFundraisingInvestmentProjectswasreviewedandapproved.TheFSL’sAutomationandDigitalizationProjecthasadded“FozhaoBuilding,8ZhihuiRoad,ZhangchaSubdistrict,ChanchengDistrict,FoshanCity”asanewimplementationsite.Post-adding,theproject’simplementationsiteschangedto“39ZhaomingAvenue,HechengSubdistrict,GaomingDistrict,FoshanCity’and“FozhaoBuilding,8ZhihuiRoad,ZhangchaSubdistrict,ChanchengDistrict,FoshanCity”2..TheCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommitteeonApril23,2025andthe2024generalmeetingofshareholdersonMay15,2025,duringwhichtheProposalontheChangeandTerminationofCertainFundraisingInvestmentProjects.TheR&DCenterConstructionProjectadded“FozhaoBuilding,8ZhihuiRoad,ZhangchaSubdistrict,ChanchengDistrict,FoshanCity”and“54/F,ThePinnacle,17WestZhujiangRoad,TianheDistrict,GuangzhouCity”astwonewimplementationsites.After-adding,theproject’simplementationsiteschangedto“39ZhaomingAvenue,HechengSubdistrict,GaomingDistrict,FoshanCity,”“FozhaoBuilding,8ZhihuiRoad,ZhangchaSubdistrict,ChanchengDistrict,FoshanCity,”and“54/F,ThePinnacle,17WestZhujiangRoad,TianheDistrict,GuangzhouCity.”
Adjustmentstothewayofimplementationofraisedfundsinvestmentprojects	Applicable
	Occurredintheprioryear.
	OnJune18,2024,theCompanyheldthe57thmeetingofthe9thBoardofDirectorsandthe29thmeetingofthe9thSupervisoryCommittee,reviewingandpassingtheProposalonAddingImplementationEntitiesandSpecialAccountsforRaisedFundstoSomeRaisedFundsInvestmentProjectsandagreedtoaddFSLChanchangLightingCo.,Ltd.(hereinafterreferredtoas“ChanchangCompany”),awholly-ownedsubsidiaryoftheCompany,asoneoftheimplementationentitiesfortheraisedfundsinvestmentproject“FSL’sautomationanddigitalizationproject”.Inconsequence,theimplementationentitiesoftheraisedfundsinvestmentprojectchangedfromtheCompanytotheCompanyandChanchangCompany.Theadjustmentdidnotinvolveanychangetotheamountorpurposeoftheraisedfunds.
Advanceinvestmentsinpromisedprojectsfundedwithraisedfundsandsubsequentswaps	Applicable
	OnJanuary16,2024,theCompanyheldthe51stmeetingofthe9thBoardofDirectorsandthe25thmeetingofthe9thSupervisoryCommittee,reviewingandpassingtheProposalonUsingRaisedFundstoReplaceSelf-raisedFundsforPre-investedCapitalProjectsandPaidIssuanceExpensesandagreedbasedontheactualsituationoftheCompanytousetheraisedfundstoreplaceself-raisedfundsofRMB87,975,313.46usedforpre-investedcapitalprojects.Specifically,self-raisedfundsofRMB2,603,975.16forpaidissuanceexpenseswouldbereplaced.ByJanuary2024,theCompanyhadcompletedtheswapofalltheself-pooledfunds.
Useofidleraisedfundsfortemporarilysupplementingtheworkingcapital	N/A
Surplusamountofraisedfundsuponprojectimplementationandthereasons	N/A
Purposeandwhereaboutsof	AsatJune30,2025,thetotalamountofunusedproceedswasRMB824.8316million,ofwhichRMB225.8316millionwasheldasbankdepositsindesignated

unusedraisedfunds

accountsforraisedfunds,andRMB599millionwasinvestedincashmanagementusingtemporarilyidleproceeds,whichhadnotyetmaturedorbeenredeemed.TheraisedfundsunusedbytheCompanywouldbeputintouseaccordingtothesubsequentprogressoftheraisedfundsinvestmentprojects.

Problemsorotherissuesarisingintheuseanddisclosureofraisedfunds

1.OnJanuary16,2024,theCompanyheldthe51stmeetingofthe9thBoardofDirectorsandthe25thmeetingofthe9thSupervisoryCommittee,reviewingandpassingtheProposalonUsingRaisedFundstoProvideSubsidiarieswithLoansforImplementingRaisedFundsInvestmentProjects.Giventhattheimplementationoftheraisedfundsinvestmentproject“FSLHainanIndustrialParkI”isorganizedbyFozhao(Hainan)TechnologyCo.,Ltd.(hereinafterreferredtoas“HainanTechnology”),awholly-ownedsubsidiaryoftheCompany,toguaranteethesuccessfulimplementationoftheraisedfundsinvestmentproject,theBoardofDirectorsagreedthattheCompanymightuseraisedfundstoprovideaninterest-freeloanforHainanTechnology,withthetotalloanamountnotexceedingRMB252,529,100andaloantermofthreeyears.2.OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,duringwhichtheProposalonAdjustingtheInternalInvestmentStructure,AddingImplementationSites,andPostponingCertainFundraisingInvestmentProjectswasreviewedandapproved.InlightoftherapiddevelopmentofinformationtechnologyandtheCompany’sactualbusinessneeds,andinordertoenhancetheefficiencyoffundutilization,theCompanyplanstoadjusttheinternalinvestmentstructureforequipmentupgradesunderthe“FSL’sautomationanddigitalizationproject,”andtoaddanewprojectimplementationsiteat“FozhaoBuilding,8ZhihuiRoad,ZhangchaSubdistrict,ChanchengDistrict,FoshanCity.”3.OnApril23,2025,theCompanyconvenedthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thBoardofSupervisors,atwhichtheProposalontheChangeandTerminationofCertainFundedProjectswasreviewedandapproved.ItwasagreedthattheCompanywouldmakethefollowingadjustmentstothe“R&DCenterConstructionProject”:first,changecertainresearchtopicsandequipmentinvestmentitems;second,adjusttheinternalinvestmentstructureoftheproject;third,extendtheprojectinvestmentperiodbyoneandahalfyears;fourth,addtwonewimplementationsites.Atthesametime,theimplementationoftheFSLHainanIndustrialParkIProjectandtheSmartStreetLightsProjectwillbeterminated.

(3)Re-purposedRaisedFunds

?Applicable?Notapplicable

Unit:RMB’0,000

Financingprojectname	Wayofraising	Re-purposedproject	Correspondingoriginalpromisedproject	Totalraisedfundstobeinvestedinthere-purposedproject(1)	ActualinputintheReportingPeriod	ActualaccumulativeinvestmentamountattheendoftheReportingPeriod(2)	Investmentprogressasattheperiod-end(3)=(2)/(1)	Timewhentheprojectisreadyforitsintendeduse	ReturnsderivedintheReportingPeriod	Meetingtheexpectedreturnsornot	Significantchangetore-purposedprojectfeasibilityornot
2023issuanceofsharestospecific	Issuanceofsharestospecificobjects	Undetermined	FSLHainanIndustrialParkI	11,621.09					N/A	N/A	N/A

targets
2023issuanceofsharestospecifictargets	Issuanceofsharestospecificobjects	Undetermined	Thesmartstreetlightsproject	9,083.75					N/A	N/A	N/A
2023issuanceofsharestospecifictargets	Issuanceofsharestospecificobjects	TheR&Dcenterconstructionproject	TheR&Dcenterconstructionproject	14,549.68	2,135.3	5,439.79	37.39%	November2027	N/A	N/A	Not
Total	--	--	--	35,254.52	2,135.3	5,439.79	--	--	N/A	--	--
Explainthereasons,decision-makingproceduresandinformationdisclosure(byproject)			1.FSL’sHainanIndustrialParkPhaseIProject:OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,andonMay15,2025,theCompany’s2024generalmeetingofshareholderswasheld,duringwhichtheProposalontheChangeandTerminationofCertainFundraisingInvestmentProjectswasreviewedandapproved.Duetovariousfactors,includingthefactthatChina’smarineindustryisstillinitsearlystagesofdevelopment,theCompany’sexistingproductioncapacityissufficienttomeetthecurrentandnear-futuredemandofthemarinelightingmarket.Therefore,theCompanyterminatedtheimplementationofthisproject(forfurtherdetails,pleaserefertotheAnnouncementontheChangeandTerminationofCertainFundraisingInvestmentProjectsdisclosedonApril25,2025oncninfo.com.cn).2.Smartstreetlightconstructionproject:OnApril23,2025,theCompanyconvenedthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thBoardofSupervisors,atwhichtheProposalontheChangeandTerminationofCertainFundedProjectswasreviewedandapproved.Duetoaslowdownininvestmentbylocalgovernmentsinmunicipalinfrastructureinrecentyears,themarketdemandfornewinfrastructureprojectssuchassmartstreetlightshasgrownataratebelowexpectations,resultingininsufficientprojectorders.Therefore,theCompanyterminatedtheimplementationofthe“SmartStreetlightConstructionProject”(Forfurtherdetails,pleaserefertotheAnnouncementontheChangeandTerminationofCertainFundedProjectsdisclosedonApril25,2025oncninfo.com.cn).3.R&DCenterConstructionProject:OnApril23,2025,theCompanyheldthe7thmeetingofthe10thBoardofDirectorsandthe5thmeetingofthe10thSupervisoryCommittee,andonMay15,2025,theCompany’s2024generalmeetingofshareholderswasheld,duringwhichtheProposalontheChangeandTerminationofCertainFundraisingInvestmentProjectswasreviewedandapproved.Inaccordancewiththeactualconstructionandinvestmentprogressoftheproject,uponprudentresearch,theCompanyadjustedsomeimplementationcontents,includingtheadjustmentstosomeresearchtopicsandequipmentinvestment,adjustmentstotheinternalinvestmentstructureoftheproject,extensionoftheinvestmenttimelineoftheproject.Thechangeneitherconvertedtheoriginalfundraisingprojectintoanewinitiativenoralteredthetotalinvestmentamountoftheoriginalfundraisingproject(Forfurtherdetails,pleaserefertotheProposalontheChangeandTerminationofCertainFundraisingInvestmentProjectsdisclosedonApril25,2025oncninfo.com.cn).
Explainthecircumstancesandreasonsforfailingtoachievetheplannedprogressandexpectedreturns(byproject)			N/A

Particularsaboutsignificantchangetothefeasibilityofrepurposedprojects

N/A

Note:Inthe“totalraisedfundstobeinvestedinthere-purposedproject”,thetotalraisedfundstobeinvestedinthere-purposedprojectincorrespondencetothepreviouslypromisedprojectsof“FSLHainanIndustrialParkI”and“thesmartstreetlightsproject”refertothetotalamountofraisedfundsthathavenotyetbeeninvestedinthecorrespondingprojectsasatthedateoftheshareholders’generalmeetingtoreviewtheprojecttermination(May15,2025).Thefinalchangedamountwillbebasedontheactualamountinthenewlyconfirmedfundraisingproject..

VIISaleofMajorAssetsandEquityInvestments

1.SaleofMajorAssets?Applicable?Notapplicable

Counterparty

Asset(s)tobesold

Dateofsale

TradePrice(RMB’0,000)

Netprofitcontributedbytheassettothelistedcompanyfromthebeginningoftheperiodtothedateofsale(RMB’0,000)

ImpactofthesaleontheCompany(Note3)

Proportionofnetprofitcontributedbytheassetsaletothetotalnetprofitofthelistedcompany

Principlesfordeterminingthesalepriceoftheasset

Ifitisarelated-partytransaction

Relationshipwiththecounterparty(applicableinthecaseofrelatedpartytransactions)

Whethertheownershipoftheassetsinvolvedhasbeenfullytransferred

Whetheralltheassociatedrightsandobligationshavebeenfullytransferred

Whethertheprojecthasbeenimplementedasplannedandonschedule.Ifithasnotbeenimplementedasplanned,thereasonsandthemeasurestakenbytheCompanyshouldbeexplained

Disclosuredate

Disclosureindex

Counterparty

Asset(s)tobesold

Dateofsale

TradePrice(RMB’0,000)

Netprofitcontributedbytheassettothelistedcompanyfromthebeginningoftheperiodtothedateofsale(RMB’0,000)

ImpactofthesaleontheCompany(Note3)

Proportionofnetprofitcontributedbytheassetsaletothetotalnetprofitofthelistedcompany

Principlesfordeterminingthesalepriceoftheasset

Ifitisarelated-partytransaction

Relationshipwiththecounterparty(applicableinthecaseofrelatedpartytransactions)

Whethertheownershipoftheassetsinvolvedhasbeenfullytransferred

Whetheralltheassociatedrightsandobligationshavebeenfullytransferred

Whethertheprojecthasbeenimplementedasplannedandonschedule.Ifithasnotbeenimplementedasplanned,thereasonsandthemeasurestakenbytheCompanyshouldbeexplained

Disclosuredate

Disclosureindex

CentralizedBiddingonSecondaryMarket

SomesharesofGotionHigh-techCo.,Ltd.

June2025

24,966.89

0.00

TheCompany’ssalesofGotionHigh-tech’ssharesdidnotcausematerialimpactsonbusinesscontinuityandmanagementstability

0.00%

MarketpriceofGotionHigh-techatthetimeofsales

Not

N/A

Yes

N/A

Note:DuetotheprovisionsofthenewfinancialinstrumentstandardsimplementedbytheCompanyfromJanuary1,2019,theCompanywilldesignateitsinvestmentsinGotionHigh-tech,XiamenBank,etc.asnon-tradingequityinstrumentinvestmentsmeasuredatfairvaluewithchangesinfairvalueincludedinothercomprehensiveincome.TheCompany'sshareholdingreductionmentionedinthetableabovehasnoimpactonitscurrentprofit.

2.SaleofMajorEquityInvestments

□Applicable?Notapplicable

VIIIMajorSubsidiaries

?Applicable□NotapplicableMajorfully/majority-ownedsubsidiariesandthoseminority-ownedsubsidiarieswithanover10%effectontheCompany’snetprofit:

Unit:RMB

Name	RelationshipwiththeCompany	Principalactivity	Registeredcapital	Totalassets	Netassets	Operatingrevenue	Operatingprofit	Netprofit
FoshanNationStarOptoelectronicsCo.,Ltd.	Subsidiary	Manufacturing	618,477,169.00	6,102,640,322.34	3,823,857,527.19	1,681,244,438.51	23,064,379.12	24,571,004.38
NanningLiaowangAutoLampCo.,Ltd.	Subsidiary	Manufacturing	35,055,700.00	2,649,288,973.84	1,062,626,126.71	914,845,763.09	27,011,417.53	23,766,475.75
FSLChanchangOptoelectronicsCo.,Ltd.	Subsidiary	Manufacturing	72,782,944.00	1,381,918,556.91	447,722,003.45	746,283,127.52	83,035,937.60	70,501,143.44

SubsidiariesobtainedordisposedintheReportingPeriod:

?Applicable□Notapplicable

Name	HowthesubsidiarywasobtainedordisposedofintheReportingPeriod	Impactonoveralloperationsandperformance
FSL(Thailand)LightingTechnologyCo.,Ltd.	Newlyestablished	NosignificantimpactontheCompany’sproductionandperformance
BeijingAirtrustAviationTechnologyCo.,Ltd.	Acquired	NosignificantimpactontheCompany’sproductionandperformance
Airstar(Tianjin)LightingCo.,Ltd.	Acquired	NosignificantimpactontheCompany’sproductionandperformance

Informationaboutmajormajority-andminority-ownedsubsidiaries:

1.InamajorassetrestructuringinFebruary2022,theCompanyacquireda21.32%interestinFoshanNationStarOptoelectronicsCo.,Ltd.(NationStar)fromRisingHoldingsGroupanditsacting-in-concertparty.Upontheconclusionofthetransaction,theCompanyeventuallyholdsa21.48%interestinNationStar,andNationStarhasbecomeamajority-ownedsubsidiaryoftheCompany.TheCompanyhasincludedNationStarinitsconsolidatedfinancialstatementssinceQ12022.

2.NanningLiaowangAutoLampCo.,Ltd.signedanequityagreementwithitsexistingshareholdersinJuly2021,andacquiredLiaowangAutoLampthroughequityacquisitionandcapitalincreaseandshareexpansion.Upontheconclusionofthetransaction,theCompanyeventuallyholdsa53.79%interestinLiaowangAutoLamp,andLiaowangAutoLamphasbecomeamajority-ownedsubsidiaryoftheCompany.TheCompanyhasincludedLiaowangAutoLampinitsconsolidatedfinancialstatementsfromthedatewhentheCompanyobtainedactualcontrolofit.

3.FSLChanchangOptoelectronicsCo.,Ltd.(renamedonJune19,2018from“FoshanChanchangElectricAppliances(Gaoming)Co.,Ltd.”),whichisaSino-foreignjointventureinvestedandestablishedbytheCompanyandProsperityLampsandComponentsLtd,hadobtainedlicenseforbusinesscorporationonAugust23,2005throughapprovalbyForeignTradeandEconomicCooperationBureauofGaomingDistrict,Foshanwithdocument“MWMYZi[2005]No.79”.TheCompanyholds70%equitiesofthesaidcompany;thereforethesaidsubsidiarywasincludedintothescopeoftheconsolidatedfinancialstatementssincethedateoffoundation.OnAugust23,2016,theCompanyandProsperityLampsandComponentsLtdsignedtheequitytransferagreement.TheCompanypurchased30%equityofFoshanChanchangElectricAppliances(Gaoming)Co.,Ltd.heldbyProsperityLampsandComponentsLtd.Afterthepurchasing,theCompanyheld100%equityofFSLChanchangOptoelectronicsCo.,Ltd.

IXStructuredBodiesControlledbytheCompany

□Applicable?Notapplicable

XRisksFacingtheCompanyandCountermeasures

1.RisksofmacroeconomicfluctuationsandfiercermarketcompetitionCurrentdomesticandinternationalmacroeconomicconditionsfacemultipleuncertainties.Domesticeconomicgrowthisslowing,whilerisingtradeprotectionismabroad,alongwithfrequenttariffbarriersandtechnicaltrade

measures,mayadverselyimpactthedevelopmentofthelightingindustry.Particularly,asthelightingindustryhasenteredaphaseofstockcompetition,slowingmarketgrowthcoupledwithfiercecompetitioncouldcontinuetoputpressureoncorporateprofitmargins.Countermeasures:TheCompanywilladheretothesetstrategies,spendgreatereffortindevelopingnewproducts,constantlyrefinethebusinessportfolio,andactivelyexploresegmentmarketssuchasintelligentlighting,healthylighting,oceanlighting,animalandplantlighting.Itwillalsoacceleratetheintroductionofnewmanufacturingprocesses,technologiesandproductstothemarketfornewcompetitiveedges.Atthesametime,byoptimizingmarketingnetworkandstrengtheningthebusinessfocusandexpansionondomesticandforeignmajorcustomers,theCompanywillimproveservicequality,strengtheninternalmanagement,andincreasecorecompetitivecapacityconstantly.

2.RiskofrawmaterialpricefluctuationsThemainrawmaterialsoftheCompanyanditssubsidiariesincludechips,lampbeads,electroniccomponents,aluminumsubstrates,plasticparts,metalmaterials,etc.,andthepricefluctuationsofmainrawmaterialswillhaveanimpactontheCompany’sproductioncosts.Ifthepriceofrawmaterialscontinuestoriseinthefuture,itmayadverselyaffecttheCompany’sproductionandoperation.Countermeasures:TheCompanywillpayattentiontomarketdynamics,collectinformation,analyzeandpre-judgesupplyofmainrawmaterialsandpricetrends,soastomakeexcellentsourcingplans.Byenhancingnegotiation,refiningsuppliers,perfectingsupplychainmanagement,andpromotingalternativematerials,theCompanyisabletodecreaseprocurementcosts.

3.RiskofexchangeratefluctuationsTheoverseassalesoftheCompanyexceed20%,whicharemainlysettledinUSD.IfRMBexperiencessignificantappreciation,thepricecompetitivenessofoverseassalescouldbeunderminedandexchangelossesmayincrease,whichwillproduceadverseimpactsontheCompany’snetprofit.Countermeasures:Bykeepingabreastofandanalyzingexchangeratepoliciesandfluctuationtrendofsettlementcurrenciesintime,intensifyingsettlementcurrencymanagement,,andcarryingoutforeignexchangehedgingbusinesswhenthetimingisright,theCompanycanrelativelylockinexchangeratesandminimizetherisksbroughtbyexchangeratefluctuations.

4.RiskassociatedwiththerecoverabilityofaccountsreceivableReceivablesgrowalongwiththeCompany’sbusiness.Customerswhofailtorepayloanstimelyorbecomeinsolvent,duetochangesinmacroeconomictrends,marketenvironments,andtheirbusiness,willplacetheCompanyattheriskofnon-performingreceivables.Countermeasures:Inordertoreducethereceivablecollectionrisk,theCompanycanconstantlyoptimizethereceivableriskmanagementsystem,categorizeandmanagecustomers,regularlyassesscustomers’creditprofiles,andenhancecustomerriskassessment.Meanwhile,itcanreinforcecontractapprovalandmanagement,doubleitsefforttocollectreceivables,andincorporatethecollectionofreceivablesintotheperformanceassessmentsystemforbusinessdepartments.

XIFormulationandImplementationoftheMarketValueManagementSystemandValuationPromotionPlan

HastheCompanyestablishedamarketvaluemanagementsystem?

□Yes?NoHastheCompanydisclosedavaluationimprovementplan?

□Yes?No

XIIImplementationofthe“QualityandEarningsDualImprovement”ActionPlanIndicatewhethertheCompanyhasdisclosedthe“QualityandEarningsDualImprovement”ActionPlan.

□Yes?No

PartIVCorporateGovernance,EnvironmentandSocietyIChangeofDirectors,SupervisorsandSeniorManagement

?Applicable?NotapplicableTherewerenochangesinthedirectors,supervisors,andseniormanagementoftheCompanyduringtheReportingPeriod.Fordetails,seetheAnnualReport2024.

IIInterimDividendPlan

□Applicable?NotapplicableTheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.IIIEquityIncentivePlans,EmployeeStockOwnershipPlansorOtherIncentiveMeasuresforEmployees?Applicable?NotapplicableNosuchcasesintheReportingPeriod.

IVEnvironmentalinformationdisclosureIndicatebytickmarkwhethertheCompanyoranyofitsmajorsubsidiariesisincludedinthelistofenterpriseslegallyrequiredtodiscloseenvironmentalinformation.?Yes□No

Numberofenterprisesincludedinthelistofenterpriseslegallyrequiredtodiscloseenvironmentalinformation(unit)		5
No.	Nameofenterprise	Environmentalinformationdisclosurereportindex
1	FoshanElectricalandLightingCo.,Ltd.GaomingBranch	ListofKeyUnitsofEnvironmentalSupervisionofFoshanin2025
2	LiuzhouGuigeLightingTechnologyCo.,Ltd.	ListofKeyUnitsofEnvironmentalSupervisionofLiuzhouin2025
3	FoshanNationStarOptoelectronicsCo.,Ltd.	DepartmentofEcologyandEnvironmentofGuangdongProvince-EnterpriseEnvironmentalInformationDisclosureSystem
4	FoshanNationStarSemiconductorCo.,Ltd.	DepartmentofEcologyandEnvironmentofGuangdongProvince-EnterpriseEnvironmentalInformationDisclosureSystem

GuangdongFenghuaSemiconductorTechnologyCo.,Ltd.

DepartmentofEcologyandEnvironmentofGuangdongProvince-EnterpriseEnvironmentalInformationDisclosureSystem

VSocialResponsibility

TheCompanyplacesahighvalueoncorporatesocialresponsibilityandcommitment.Adheringtothe“createthevalueoflight”corporatemission,theCompanyvigorouslyperformsitssocialresponsibilityandconstantlyenhancesitsprotectionfortheinterestsofstakeholdersinordertocreateahealthyandbeautifullifeoflightforcustomers,createandimprovethespaceforpersonaldevelopmentforemployeesandhelpthemachievethevalueoflife,andcontributetothesoundandsustainabledevelopmentofthesociety.

1.ProtectionoftherightsandinterestsofourshareholdersandcreditorsWecontinuouslyimproveourcorporategovernancestructure,regulateouroperationandenhanceourmanagementoninformationdisclosureandinvestorrelations.Wetreatallourinvestorsfairlyandjustly,ensuretheirrightstoknowabout,participateinandvoteonthesignificanteventsoftheCompany,andsafeguardthelegalrightsandinterestsofallourshareholders,especiallyourminorityshareholders.

2.ProtectionoftherightsandinterestsofouremployeesConsideringemployeesthemostvaluableresourceforoursurvivalanddevelopment,weconstantlyimproveouremploymentsystem,improvethecompensationpackagesforouremployeesandattachimportancetotalentcultivationsoastoprovideopportunitiesandspaceforthesustainabledevelopmentofouremployeesaswellasrealizethecommondevelopmentoftheemployeesandtheCompany.Wealsopayattentiontothehealthofouremployees,attachimportancetoproductionsafetyandlaborprotection,andimprovetheworkingandlivingconditionsforouremployeessoastoformulateharmoniousandstablelaborrelations.

3.ProtectionoftherightsandinterestsofourcustomersandconsumersWehavebeenupholdingthe“CustomerFirst”principleinourprovisionofqualityproductsandservicestocustomers.Weoperatehonestlyanddisallowanyunfairtradepracticeagainstcommercialethics,marketrulesandthefaircompetitionprinciple.Wealsoimproveourproductqualityandafter-salesservicesandtrytobuildawin-winrelationshipwithourcustomers.

4.ProtectionoftherightsandinterestsofoursuppliersWerespectandprotectthelegalrightsandinterestsofoursuppliers,carefullyprotecttheirsecretandproprietaryinformation,encourageandpushthemtocontinuouslyimprovethequalityoftheirproductsandservicesthroughcreatinganenvironmentforopenandfaircompetitionamongthemsoastorealizemutualbenefitsandmutualdevelopmentofthesuppliersandtheCompany.

5.Productionsafety,environmentalprotectionandsustainabledevelopmentTheCompanyseesproductionsafety,environmentalprotectionandenergyconservationasanimportantpartofitsstrategyofsustainabledevelopment.Itimplementsaccountabilitysystemsinrelationenvironmentalprotectionandproductionsafetyinstrictaccordancewiththeapplicablelawsandregulations.Inaddition,itisISO9001-(aqualitymanagementsystem),IATF16949-(aqualitymanagementsystem),ISO14001-(anenvironmentmanagementsystem),ISO45001-(amanagementsystemforoccupationalhealthandsafety)andISO50001-(anenergymanagementsystem)certified.In2018,uponthereviewandpublicationbytheMinistryofIndustryandInformationTechnology,theCompanywascertifiedasoneofthesecondbatchofNationalDemonstrationEntityofGreenFactory.

6.PublicrelationsandwelfareTheCompanyfullyimplementsthesocialresponsibilitystrategy.Bycarryingoutaseriesofspecificactionsandprojects,itactivelygivesbacktosocietyandpromotessustainabledevelopment.TheCompanyfocuseson“industrialdevelopmentforagriculture,technologicalbenefitsforagriculture,andgreensupportforagriculture”

asitsmaintask.Throughmeasuressuchasindustrialassistance,pairedassistance,andconsumptionassistance,theCompanyhasupgradedfromsimpledonationstosystematicsupport.Itisexploringnewmodelsforruralrevitalizationandcontributingtothedevelopmentoflivable,business-friendly,andbeautifulruralareas.DuringtheReportingPeriod,respondingtothe“6?30”initiativetosupportruralrevitalization,theCompanyorganizedemployeedonationsoverRMB40,000.Itlaunchedthe“LoveforReading,NurturingtheFuture”bookdonationcampaign,makingatargeteddonationof121bookstoHengbiPrimarySchoolinHengbiTown,WuhuaCounty,tohelpsupplementruraleducationalresources.Throughconsumptionassistanceforindustrialproducts,theCompanypurchasedassistanceproductsworthRMB460,000,convertingitsprocurementintoapracticalefforttosupportruralrevitalization,promotingthedevelopmentofthegreensupplychainandincreasingfarmers’incomes.Furthermore,theCompanyorganizedthe2025voluntaryblooddonationevent,successfullycollecting35,200millilitersofwholeblood,demonstratingthevolunteerspiritof“dedication,friendship,mutualassistance,andprogress”throughpracticalactionsandspreadingpositiveenergywithinsociety.

PartVSignificantEventsICommitmentsoftheCompany’sDeFactoController,Shareholders,RelatedPartiesandAcquirers,aswellastheCompanyItselfandOtherEntitiesFulfilledintheReportingPeriodorOngoingatthePeriod-End?Applicable?Notapplicable

CommitmentReason	Promisor	Typeofcommitment	Detailsofcommitment	Dateofcommitmentmaking	Termofcommitment	Fulfillment
OtherCommitments	ElectronicsGroup	NotificationLetterRegardingtheIncreaseinFoshanLightingShares	ElectronicsGroupcommitstocompletingthecurrentshareacquisitionplanwithintheimplementationperiod.Duringtheacquisitionperiodandthestatutoryperiod,theElectronicsGroupwillnotreduceitsholdingsinFoshanLightingsharesandwillstrictlycomplywithrelevantregulations.Itwillnotengageininsidertrading,tradingsharesduringsensitiveperiods,orshort-termtradingactivities.	November18,2024	WithinsixmonthsstartingfromNovember20,2024	Expired
Whetherthecommitmentsweretimelyperformed	Yes
Specificreasonsforfailingtofulfill	N/A

IIOccupationoftheCompany’sCapitalbytheControllingShareholderoranyofitsRelatedPartiesforNon-operatingPurposes

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.IIIIrregularitiesintheProvisionofGuarantees

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

IVEngagementandDisengagementofIndependentAuditorAretheinterimfinancialstatementsaudited?

□Yes?NoTheseinterimfinancialstatementsareunaudited.

VExplanationsGivenbytheBoardofDirectorsandtheSupervisoryCommitteeRegardingtheIndependentAuditor’s“ModifiedOpinion”ontheFinancialStatementsoftheReportingPeriod

□Applicable?NotapplicableVIExplanationsGivenbytheBoardofDirectorsRegardingtheIndependentAuditor’s“ModifiedOpinion”ontheFinancialStatementsofLastYear

□Applicable?Notapplicable

VIIInsolvencyandReorganization

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.VIIILegalMattersSignificantlawsuitsandarbitrations

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.Otherlegalmatters?Applicable□Notapplicable

Basicinformationonlawsuit(arbitration)	Amountinvolved(RMB’0,000)	Whetherthereareaccruedliabilities	Lawsuit(arbitration)progress	Lawsuit(arbitration)resultsandinfluences	Executionoflawsuit(arbitration)judgment	Dateofdisclosure	Disclosureindex
97litigationmattersthatdidnotmeetmajorlitigationstandards	36,600.61	No	56casesarecurrentlyundertrial;41caseshavebeenclosed.	NosignificantinfluenceontheCompany	N/A		N/A

IXPunishmentsandRectifications

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.XCreditQualityoftheCompanyaswellasitsControllingShareholderandDeFactoController?Applicable□NotapplicableIntheReportingPeriod,theCompanyanditscontrollingshareholderanddefactocontrollerwerenotinvolvedinanyunsatisfiedcourtjudgments,large-amountoverdueliabilitiesorthelike.XIMajorRelated-partyTransactions

1.ContinuingRelated-partyTransactions?Applicable□Notapplicable

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

GuangdongRisingHoldingsGroupCo.,Ltd.

Actualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

356.40

1.59%

5,850

Not

Banktransfersorbankacceptancenotes

356.40

February7,2025

www.cninfo.com.cn

GuangdongXintaoMicroelectronicsCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Purchaseofmaterials

Marketprice

204.22

0.14%

Banktransfersorbankacceptancenotes

204.22

ShenzhenYuepengConstructionCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

33.31

1.34%

Banktransfersorbankacceptancenotes

33.31

PrimatronixNanhoTechnologyLtd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

21.67

0.10%

Banktransfersorbankacceptancenotes

21.67

ShenzhenYuedinPreciseMachineryCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Purchaseofmaterials

Marketprice

19.18

0.02%

Banktransfersorbankacceptancenotes

19.18

GuangdongRisingHydrogen

Undersameactualcontroller

Purchasingproductsandreceivinglaborservice

Receivinglaborservice

Marketprice

8.16

0.04%

Banktransfersorbankacceptance

8.16

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

EnergyCo.,Ltd.

fromrelatedparty

notes

ZhuhaiDongjiangEnvironmentalProtectionTechnologyCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

8.13

0.04%

Banktransfersorbankacceptancenotes

8.13

ShenzhenYuedinPreciseMachineryCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Purchaseofmaterials

Marketprice

6.50

0.03%

Banktransfersorbankacceptancenotes

6.50

GuangdongElectronicsInformationIndustryGroupLtd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

6.02

0.03%

Banktransfersorbankacceptancenotes

6.02

GuangdongFenghuaNewEnergyCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

5.74

0.03%

Banktransfersorbankacceptancenotes

5.74

ShenzhenLonggangDongjiangIndustrialWasteTreatmentCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

2.21

0.01%

Banktransfersorbankacceptancenotes

2.21

ZhuhaiDoumen

Undersame

Purchasing

Receiving

Marketprice

0.79

0.00%

Bank

0.79

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

DistrictYongxingshengEnvironmentalIndustryWasteRecoveryandComprehensiveTreatmentCo.,Ltd.

actualcontroller

productsandreceivinglaborservicefromrelatedparty

laborservice

transfersorbankacceptancenotes

FoshanFulongEnvironmentalTechnologyCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

0.30

0.00%

Banktransfersorbankacceptancenotes

0.30

JiangmenDongjiangEnvironmentalCompanyLimited

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

0.22

0.00%

Banktransfersorbankacceptancenotes

0.22

GuangdongElectronicsInformationIndustryGroupLtd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Purchaseofmaterials

Marketprice

0.19

0.00%

Banktransfersorbankacceptancenotes

0.19

GuangzhouShengfengCateringManagementServiceCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

393.60

1.76%

1,500

Not

Banktransfersorbankacceptancenotes

393.60

February7,2025

www.cninfo.com.cn

GuangdongRisingUrbanServicesCo.,

Undersameactual

Purchasingproductsandreceiving

Receivinglaborservice

Marketprice

58.26

0.26%

Banktransfersorbank

58.26

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

Ltd.(formerlyknownasGuangdongHeshunPropertyManagementCo.,Ltd.)

controller

laborservicefromrelatedparty

acceptancenotes

GuangdongRisingCulturalIndustryDevelopmentCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Purchasingproductsandreceivinglaborservicefromrelatedparty

10.97

0.05%

Banktransfersorbankacceptancenotes

10.97

GuangdongRisingCommercialDevelopmentCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

6.91

0.03%

Banktransfersorbankacceptancenotes

6.91

RamadaPearlHotelGuangzhou

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

3.57

0.02%

Banktransfersorbankacceptancenotes

3.57

GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Purchaseofmaterials

Marketprice

376.26

0.26%

2,410

Not

Banktransfersorbankacceptancenotes

376.26

February7,2025

www.cninfo.com.cn

GuangzhouHaixinshaIndustrialCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelated

Receivinglaborservice

Marketprice

137.38

4.31%

1,700

Not

Banktransfersorbankacceptance

137.38

February7,2025

www.cninfo.com.cn

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

party

notes

GuangdongHuajianEnterpriseGroupCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

135.80

0.61%

Banktransfersorbankacceptancenotes

135.80

GuangzhouHuajianBusinessDevelopmentCo.,Ltd.

Undersameactualcontroller

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

11.20

0.05%

Banktransfersorbankacceptancenotes

11.20

PROSPERITYLAMPS&COMPONENTSLIMITED

Shareholderthatholdsover5%sharesoftheCompany

Purchasingproductsandreceivinglaborservicefromrelatedparty

Purchaseofmaterials

Marketprice

4.06

0.00%

100

Not

Banktransfersorbankacceptancenotes

4.06

February7,2025

www.cninfo.com.cn

NanningRuixiangIndustrialInvestmentCo.,Ltd.

Enterprisesignificantlyaffectedbyrelatednaturalperson

Purchasingproductsandreceivinglaborservicefromrelatedparty

Receivinglaborservice

Marketprice

0.80

0.00%

Not

Banktransfersorbankacceptancenotes

0.80

GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Sellingproducts

Marketprice

472.82

0.11%

2,000

Not

Banktransfersorbankacceptancenotes

472.82

February7,2025

www.cninfo.com.cn

PROSPERITYLAMPS&

Shareholderthatholds

Sellingproductsand

Sellingproducts

Marketprice

440.53

0.10%

1,500

Not

Banktransfersor

440.53

February7,2025

www.cninfo.com.cn

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

COMPONENTSLIMITED

over5%sharesoftheCompany

providinglaborservicetorelatedparty

bankacceptancenotes

TraxonTechnologiesLimited

Enterprisecontrolledbyrelatednaturalperson

Sellingproductsandprovidinglaborservicetorelatedparty

Saleofproducts

Marketprice

229.89

0.05%

Banktransfersorbankacceptancenotes

229.89

PrimatronixNanhoTechnologyLtd.

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Sellingproducts

Marketprice

97.31

0.02%

1,100

Not

Banktransfersorbankacceptancenotes

97.31

February7,2025

www.cninfo.com.cn

GuangdongXintaoMicroelectronicsCo.,Ltd.

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Providinglaborservice

Marketprice

74.61

0.02%

Banktransfersorbankacceptancenotes

74.61

GuangdongXintaoMicroelectronicsCo.,Ltd.

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Sellingproducts

Marketprice

41.16

0.01%

Banktransfersorbankacceptancenotes

41.16

GuangdongZhuyuanConstructionEngineeringCo.,Ltd.

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Sellingproducts

Marketprice

3.12

0.00%

Banktransfersorbankacceptancenotes

3.12

Relatedparty

RelationshipwiththeCompany

Typeoftransaction

Specifictransaction

Pricingprinciple

Transactionprice(RMB’0,000)

Transactionamount(RMB’0,000)

As%oftotalvalueofallsame-typetransactions

Approvedtransactionline(RMB’0,000)

Overtheapprovedlineornot

Methodofsettlement

Obtainablemarketpriceforsame-typetransactions(RMB’0,000)

Disclosuredate

Disclosureindex

GuangdongZhongrenGroupConstructionCo.,Ltd

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Sellingproducts

Marketprice

0.30

0.00%

Banktransfersorbankacceptancenotes

0.30

PrimatronixNanhoTechnologyLtd.

Undersameactualcontroller

Sellingproductsandprovidinglaborservicetorelatedparty

Providinglaborservice

Marketprice

2.22

0.00%

Banktransfersorbankacceptancenotes

2.22

Total

3,173.81

16,160

Large-amountsalesreturnindetail

N/A

GivetheactualsituationintheReportingPeriod(ifany)whereanestimatehadbeenmadeforthetotalvalueofcontinuingrelated-partytransactionsbytypetooccurintheReportingPeriod

InJune2025,theCompanyforecastedtheaggregateamountofitsroutineconnectedtransactionswithrelatedpartiesincludingFenghuaAdvancedTechnologyanditsmajority-ownedsubsidiaries,GuangshengRealEstateanditsmajority-ownedsubsidiaries,GuangshengGroupandothersubsidiaries,HuajianGroupanditsmajority-ownedsubsidiaries,andYouchangCompanyanditsmajority-ownedsubsidiaries.Intermsofrelatedpartyprocurements,theactualtransactionamountforH12025wasRMB18.1185million,representing15.67%oftheforecastedamountfortheentireyearof2025;intermsofrelatedpartysales,theactualtransactionamountforH12025wasRMB13.6196million,accountingfor25.89%oftheestimatedtotalfortheyear2025.

Reasonforanysignificantdifferencebetweenthetransactionpriceandthemarketreferenceprice(ifapplicable)

N/A

2.Related-PartyTransactionsRegardingPurchaseorSalesofAssetsorEquityInterests

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

3.RelatedTransactionsRegardingJointInvestmentsinThirdParties

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

4.AmountsDuetoandfromRelatedParties?Applicable□NotapplicableNon-operatingamountsduetoandfromrelatedpartiesornot

□Yes?NoNosuchcasesintheReportingPeriod.

5.TransactionswithRelatedFinanceCompanies?Applicable□NotapplicableDepositbusiness:

Relatedparty	Relationship	Dailymaximumlimits(RMB’0,000)	Interestraterange	Beginningbalance(RMB’0,000)	Actualamount		Endingbalance(RMB’0,000)
					Totaldepositedin(RMB’0,000)	Totalwithdrawn(RMB’0,000)
GuangdongRisingFinanceCo.,Ltd.	Controlledbythesamecontrollingshareholder	150,000	0.20%-2.40%	148,216.53	292,987.84	316,098.18	125,106.19

Loanbusiness:

Relatedparty	Relationship	Loanlimit(RMB’0,000)	Interestraterange	Beginningbalance(RMB’0,000)	Actualamount		Endingbalance(RMB’0,000)
					Totalloans(RMB’0,000)	Totalrepayment(RMB’0,000)
GuangdongRisingFinanceCo.,Ltd.	Controlledbythesamecontrollingshareholder	5,000.00	2.40%-2.75%		2,000.00		2,000.00

Creditorotherfinancialbusiness:

Relatedparty	Relationship	Typeofbusiness	Totalamount(RMB’0,000)	Actualamount(RMB’0,000)
GuangdongRisingFinanceCo.,Ltd.	Controlledbythesamecontrollingshareholder	Creditgranting	200,000	0

6.TransactionswithRelatedPartiesbyFinanceCompanyControlledbytheCompany

□Applicable?NotapplicableNofinancecompanycontrolledbytheCompanywasinvolvedinmakingdeposits,borrowing,creditgrantingoranyotherfinancialbusinesswithanyrelatedparty.

7.OtherMajorRelated-PartyTransactions?Applicable□Notapplicable

1.Detailsofmajorinfrastructurerelated-partytransactions

Relatedparty	RelationshipwiththeCompany	Typeoftransaction	Specifictransaction	Pricingprinciple	Transactionamount(RMB’0,000)	Methodofsettlement	Disclosuredate	Disclosureindex
GuangdongZhongnanConstructionCo.,Ltd.	Undersameactualcontroller	Purchasingproductsandreceivinglaborservicefromrelatedparty	Receivinglaborservice	Marketprice	4,917.94	Banktransfersorbankacceptancenotes	July9,2021,August17,2021,andMarch122022	www.cninfo.com.cn
GuangdongZhongrenGroupConstructionCo.,Ltd.	Undersameactualcontroller	Purchasingproductsandreceivinglaborservicefromrelatedparty	Receivinglaborservice	Marketprice	1,834.86	Banktransfersorbankacceptancenotes	December1,2020	www.cninfo.com.cn(announcementofsubsidiaryNationStarOptoelectronics)

2.Tofurtheroptimizeitscapitalstructureandenhancetheefficiencyandeffectivenessofcapitaloperations,theCompany’smajority-ownedsubsidiary,FoshanNationStarOptoelectronicsCo.,Ltd.(hereinafterreferredtoas“NationStarOptoelectronics”),hasacquiredthesubscriptionrightscorrespondingtoanRMB11.2millionfundshareintheGuangdongRisingBaijianwanHigh-QualityDevelopmentIndustryInvestmentFundPartnership(LimitedPartnership),heldbyGuangdongRisingCapitalInvestmentCo.,Ltd.,atzeroconsideration.Formoredetails,pleaserefertotheAnnouncementontheAcquisitionofFundSubscriptionContributionSharesbytheMajority-OwnedSubsidiaryandRelatedPartyTransactions,disclosedonMay22,2025,onthewww.cninfo.com.cn.

Indextothecurrentannouncementaboutthesaidrelated-partytransactiondisclosed:

Titleofannouncement	Disclosuredate	Disclosurewebsite
AnnouncementonaRelated-PartyTransactionDuetoaCallforPublicBids	December1,2020	www.cninfo.com.cn(announcementofsubsidiaryNationStarOptoelectronics)
AnnouncementonaRelated-PartyTransactionDuetoaCallforPublicBids	July9,2021	www.cninfo.com.cn
AnnouncementonaRelated-PartyTransactionDuetoaCallforPublicBids	August17,2021	www.cninfo.com.cn
AnnouncementonaRelated-PartyTransactionDuetoaCallforPublicBids	March12,2022	www.cninfo.com.cn
AnnouncementontheAcquisitionofFundSubscriptionContributionSharesbytheMajority-OwnedSubsidiaryandRelatedPartyTransactions	May22,2025	www.cninfo.com.cn

XIIMajorContractsandExecutionThereof

1.Entrustment,ContractingandLeases

(1)Entrustment?Applicable?NotapplicableExplanationoftheentrustmentOnJune14,2022,andJune30,2022,theCompanyheldthe32ndmeetingofthe9thBoardofDirectorsandthe2ndExtraordinaryGeneralMeetingofShareholdersof2022,respectively.ThemeetingsreviewedandapprovedtheProposalforthePublicBidoftheOperation,LeasingandPropertyManagementServicesforKelianBuilding,agreeingtopubliclybidouttheoperation,leasingandpropertymanagementservicesforKelianBuilding,aninvestmentproperty,tobeoutsourcedtoathird-partyoperator.TheCompany’smajority-ownedsubsidiary,FoshanKeliangNewEnergyIndustryTechnologyCo.,Ltd.(hereinafterreferredtoas“FoshanKelian”),wasauthorizedtomanagethisprocess.Formoredetails,pleaserefertotheAnnouncementonthePublicTenderofKelianBuildingOperation,LeasingandPropertyManagementServicesbytheMajority-OwnedSubsidiarydisclosedonJune15,2022,onthewww.cninfo.com.cn.Afterthepublicbiddingprocess,GuangdongHuajianEnterpriseGroupCo.,Ltd.(hereinafterreferredtoas“HuajianGroup”)wasselectedasthewinningbidderinOctober2022.Formoreinformation,pleaserefertotheAnnouncementonaRelated-PartyTransactionDuetoaCallforPublicBidsdisclosedonOctober11,2022,onthewww.cninfo.com.cn.InApril2023,FoshanKeliansignedtheKelianBuildingOperationandLeasingServiceContractwithHuajianGroup,entrustingHuajianGroupwiththeoperationandleasingof70,340.04squaremetersofproperty,includingtheindustrial(R&Dcenter)spaceinBuilding1,commercial(serviceapartments),commercial(shops),andpartoftheundergroundparkinglot.Theoperationandleasingserviceperiodistenyears,startingfromJanuary1,2025.Projectsthatresultedinprofitsorlossesexceeding10%oftheCompany’stotalprofitfortheReportingPeriod.

□Applicable?NotapplicableTherewerenotrustprojectsduringtheReportingPeriodthatresultedingainsorlossesexceeding10%oftheCompany’stotalprofitsfortheReportingPeriod.

(2)Contracting

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

(3)Leases?Applicable□NotapplicableNotestoleasesThesignificantleasemattersoftheCompanyduringthereportingperiodareasfollows:

Nameoflessor	Nameoflessee	Statusofleasedassets	Leaseamount	Dateofcommencementoflease	Dateofexpiryofleas	Purpose
GuangdongRisingHoldingsGroupCo.,Ltd.	FSL	54/F,GuangdongRisingInternationalTower	Rent-freeperiod:Twomonths;fromNovember10,2024toSeptember9,2026,themonthlyrentisRMB293,144.02;fromSeptember10,2026toSeptember9,2027,themonthlyrentisRMB307,801.22.	September10,2024	September9,2027	Office
GuangdongRisingHoldingsGroupCo.,Ltd.	NationStarOptoelectronics	Self-numbered01,50/F,GuangdongRisingInternationalTower	RMB1,296,000.00/year	September10,2024	September9,2027	Office
SuzhouXiangchengHigh-techIndustrialDevelopmentCo.,Ltd.	LiaowangAutoLamp(Suzhou)Co.,Ltd.	5#Workshop,100WulingqiaoRoad,HuangdaiTown,XiangchengDistrict,Suzhou	FromDecember15,2024toDecember14,2027,theannualrentisRMB5,093,326.08;fromDecember15,2027toDecember14,2029,theannual	December15,2024	December14,2029	Office&workshop

			rentisRMB4,138,327.44.Inthefirstthreeyears,certainconditionscanallowforareductionorexemptionoftheannualrent.Inthefourthandfifthyearsofthelease,meetingspecificconditionscanleadtoareductionorexemptionofsixmonths’rentforthatyear.
GuangdongFenghuaSemiconductorTechnologyCo.,Ltd.	GuangdongXintaoMicroelectronicsCo.,Ltd.	1/F&2/F,PhaseIIWorkshop,10NanxiangSecondRoad,GuangzhouScienceCity,HuangpuDistrict,Guangzhou,coveringatotalareaof2,602squaremetersandsituatedonthenorthernside	RMB91,070.00/month	March1,2025	April30,2025	Research&manufacturing
GuangdongFenghuaSemiconductorTechnologyCo.,Ltd.	GuangdongXintaoMicroelectronicsCo.,Ltd.	1/F&2/F,PhaseIIWorkshop,10NanxiangSecondRoad,GuangzhouScienceCity,HuangpuDistrict,Guangzhou,coveringatotalareaof2,602squaremetersandsituatedonthenorthernside	RMB91,070.00/month,withanincreaseof5%everythreeyears	May1,2025	April30,2025	Research&manufacturing

Leaseitemswithagreater-than-10%impactontheCompany’sgrossprofitduringtheReportingPeriod:

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

2.MajorGuarantees?Applicable□Notapplicable

Unit:RMB’0,000

GuaranteesprovidedbytheCompanyanditssubsidiariesforexternalparties(exclusiveofthoseforsubsidiaries)
Obligor	Disclosuredateoftheguaranteelineannouncement	Lineofguarantee	Actualoccurrencedate	Actualguaranteeamount	Typeofguarantee	Collateral(ifany)	Counterguarantee(ifany)	Termofguarantee	Havingexpiredornot	Guaranteeforarelatedpartyornot
TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(A3)				TotalactualbalanceofsuchguaranteesattheendoftheReportingPeriod(A4)
GuaranteesprovidedbytheCompanyastheparentforitssubsidiaries
Obligor	Disclosuredateoftheguaranteelineannouncement	Lineofguarantee	Actualoccurrencedate	Actualguaranteeamount	Typeofguarantee	Collateral(ifany)	Counterguarantee(ifany)	Termofguarantee	Havingexpiredornot	Guaranteeforarelatedpartyornot
TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(B3)				TotalactualbalanceofsuchguaranteesattheendoftheReportingPeriod(B4)
Guaranteesprovidedbetweensubsidiaries
Obligor	Disclosuredateoftheguaranteelineannouncement	Lineofguarantee	Actualoccurrencedate	Actualguaranteeamount	Typeofguarantee	Collateral(ifany)	Counterguarantee(ifany)	Termofguarantee	Havingexpiredornot	Guaranteeforarelatedpartyornot
NanningLiaowangAutoLampCo.,Ltd.,LiuzhouGuigeFuxuanTechnologyCo.,Ltd.,LiuzhouGuigeLighting	March2,2023,April19,2024,April25,2025	6,350	June21,2023	3,063.49	Mortgaged	Yes	None	April25,2022toDecember31,2025	Not	Not

TechnologyCo.,Ltd.
ChongqingGuinuoLightingTechnologyCo.,Ltd.	March2,2023,April19,2024,April25,2025	7,000	February10,2023	3,870.05	Mortgaged	Yes	None	May21,2024toMay20,2025(Note1)	Not	Not
NanningLiaowangAutoLampCo.,Ltd.,LiuzhouGuigeFuxuanTechnologyCo.,Ltd.,LiuzhouGuigeLightingTechnologyCo.,Ltd.	March2,2023,April19,2024,April25,2025	14,300	March24,2023	3,501.5	Mortgaged	Yes	None	April24,2022toDecember31,2025	Not	Not
ZhejiangHuleElectricalEquipmentManufacturingCo.,Ltd.	April25,2025	2,000	August21,2023	1,360.62	Mortgaged	Yes	None	August21,2023toAugust20,2028	Not	Not
TotalapprovedlineforsuchguaranteesintheReportingPeriod(C1)		42,300		TotalactualamountofsuchguaranteesintheReportingPeriod(C2)		11,795.66
TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(C3)		42,300		TotalactualbalanceofsuchguaranteesattheendoftheReportingPeriod(C4)		11,795.66
Totalguaranteeamount(totalofthethreekindsofguaranteesabove)
TotalguaranteelineapprovedintheReportingPeriod(A1+B1+C1)		42,300		TotalactualguaranteeamountintheReportingPeriod(A2+B2+C2)		11,795.66
TotalapprovedguaranteelineattheendoftheReportingPeriod(A3+B3+C3)		42,300		Totalactualguaranteebalanceattheendofthe		11,795.66

	ReportingPeriod(A4+B4+C4)
Totalactualguaranteeamount(A4+B4+C4)as%oftheCompany’snetassets	1.76%

Compoundguarantees:

None.Note1:Duetothemaindebtnotyetbeingdue,theCompanyiscurrentlyintheprocessofrenewingtheguaranteecontract.Note2:HuleElectricalwasincludedintheconsolidatedscopeonAugust1,2024,andtheannouncementregardingtheguaranteelinewasdisclosedonApril25,2025.Othernotes:ChongqingGuinuoLightingTechnologyCo.,Ltd.(referredtoas“ChongqingGuinuo”),LiuzhouGuigeForeshineTechnologyCo.,Ltd.(referredtoas“LiuzhouForeshine”),andLiuzhouGuigeLightingTechnologyCo.,Ltd.(referredtoas“LiuzhouLighting”)areallwholly-ownedsubsidiariesofNanningLiaowangAutoLampCo.,Ltd.(referredtoas“LiaowangAutoLamp”).AsatJune30,2025,guaranteesbetweenNanningLiaowanganditssubsidiariesandcollateralsaresetoutin“3.Other”under“XVICommitmentsandContingencies”inPartVIIIofthisReport.

3.CashEntrustedforWealthManagement?Applicable□Notapplicable

Unit:RMB’0,000

Type	Fundingsource	Amount	Undueamount	Unrecoveredoverdueamount	Provisionforimpairmentonunrecoveredoverdueamount
Bankfinancialproducts	Self-ownedfunds	7,500	0	0	0
Others	Raisedfunds	59,900	59,900	0	0
Others	Self-ownedfunds	79,131.79	79,131.79	0	0

Total

146,531.79

139,031.79

High-riskwealthmanagementtransactionswithasignificantsingleamount,orwithlowsecurityandlowliquidity:

?Applicable□Notapplicable

Unit:RMB’0,000

Trustee

Typeoftrustee

Typeofwealthmanagementproduct

Principal

Sourceofprincipal

Beginningdate

Endingdate

Useofprincipal

Determinationofyield

Annualizedyieldrateforreference

Expectedyield(ifany)

Actualgain/lossinReportingPeriod

Receipt/paymentofsuchgain/loss

Allowanceforimpairment(ifany)

Prescribedprocedureexecutedornot

Planformoretransactionornot

Indextotransactionsummaryandotherinformation(ifany)

GuangzhouBranchofChinaEverbrightBank

Bank

Largecertificateofdeposit

10,000

Self-ownedfunds

January6,2023

January6,2026

Other

Subjecttoactualinvestmentperiod

3.30%

990

163.64

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

Fordetails,pleaserefertotheCompany’sannouncementsdisclosedononhttp://www.cninfo.com.cn/:AnnouncementNo.2023-007onEntrustmentofSomeIdleFundsforWealthManagement;AnnouncementNo.2024-005onUsingPartialIdleRaisedFundsforCashManagement;AnnouncementNo.2024-017onEntrustmentofSomeIdleFundsforWealthManagement;Announcement

FoshanBranchofBankofCommunications

Bank

Largecertificateofdeposit

5,000

Self-ownedfunds

August31,2023

August31,2026

Other

Subjecttoactualinvestmentperiod

2.90%

435

72.9

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

GuangzhouBranchofChinaEverbrightBank

Bank

Largecertificateofdeposit

10,000

Self-ownedfunds

November3,2023

November3,2026

Other

Subjecttoactualinvestmentperiod

2.90%

870

146.19

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedur

Trustee

Typeoftrustee

Typeofwealthmanagementproduct

Principal

Sourceofprincipal

Beginningdate

Endingdate

Useofprincipal

Determinationofyield

Annualizedyieldrateforreference

Expectedyield(ifany)

Actualgain/lossinReportingPeriod

Receipt/paymentofsuchgain/loss

Allowanceforimpairment(ifany)

Prescribedprocedureexecutedornot

Planformoretransactionornot

Indextotransactionsummaryandotherinformation(ifany)

No.2024-047ontheMaturityRedemptionandContinuedCashManagementofPartofIdleRaisedFunds;AnnouncementNo.2025-003onUsingPartialIdleRaisedFundsforCashManagement;andAnnouncementNo.2025-010onEntrustmentofSomeIdleFundsforWealthManagement.

FoshanHujingSub-branchofBankofGuangZhou

Bank

Largecertificateofdeposit

15,000

Self-ownedfunds

December1,2023

December1,2026

Other

Subjecttoactualinvestmentperiod

2.95%

1,327.5

219.43

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

FoshanHujingSub-branchofBankofGuangZhou

Bank

Largecertificateofdeposit

21,200

Raisedfunds

February5,2024

February5,2027

Other

Subjecttoactualinvestmentperiod

2.75%

1,749

289.1

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

GuangzhouBranchofChinaEverbrightBank

Bank

Largecertificateofdeposit

5,500

Raisedfunds

February5,2024

February5,2027

Other

Subjecttoactualinvestmentperiod

2.60%

429

70.91

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

FoshanBranchofHuaxiaBank

Bank

Largecertificateofdeposit

14,300

Raisedfunds

February5,2024

February5,2027

Other

Subjecttoactualinvestmentperiod

2.60%

1,115.4

184.37

Toberecovered

Yes

Incompliancewithprescribedapproval

Trustee

Typeoftrustee

Typeofwealthmanagementproduct

Principal

Sourceofprincipal

Beginningdate

Endingdate

Useofprincipal

Determinationofyield

Annualizedyieldrateforreference

Expectedyield(ifany)

Actualgain/lossinReportingPeriod

Receipt/paymentofsuchgain/loss

Allowanceforimpairment(ifany)

Prescribedprocedureexecutedornot

Planformoretransactionornot

Indextotransactionsummaryandotherinformation(ifany)

procedure

FoshanBranchofChinaMerchantsBank

Bank

Largecertificateofdeposit

8,200

Raisedfunds

February5,2024

February5,2027

Other

Subjecttoactualinvestmentperiod

2.60%

639.6

105.72

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

FoshanBranchofHuaxiaBank

Bank

Largecertificateofdeposit

15,000

Self-ownedfunds

March8,2024

March8,2027

Other

Subjecttoactualinvestmentperiod

2.60%

1,170

193.4

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

FoshanBranchofChinaMerchantsBank

Bank

Largecertificateofdeposit

3,500

Self-ownedfunds

March29,2024

March29,2027

Other

Repaytheprincipalandinterestwhendueandsubjecttoactualinvestmentperiod

2.60%

273

45.13

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

FoshanBranchof

Bank

Largecertifica

3,000

Self-owne

April30,

Other

Subjecttoactual

2.60%

234

38.68

Tobe

Yes

Incompliance

Trustee

Typeoftrustee

Typeofwealthmanagementproduct

Principal

Sourceofprincipal

Beginningdate

Endingdate

Useofprincipal

Determinationofyield

Annualizedyieldrateforreference

Expectedyield(ifany)

Actualgain/lossinReportingPeriod

Receipt/paymentofsuchgain/loss

Allowanceforimpairment(ifany)

Prescribedprocedureexecutedornot

Planformoretransactionornot

Indextotransactionsummaryandotherinformation(ifany)

ChinaMerchantsBank

teofdeposit

dfunds

2024

2027

investmentperiod

recovered

withprescribedapprovalprocedure

BankofHainan

Bank

Termdeposit

10,700

Raisedfunds

February5,2025

August5,2025

Other

Subjecttoactualinvestmentperiod

2.00%

107

86.79

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

HaikouGuoruiBranchofChinaMerchantsBank

Bank

Termdeposit

100

Self-ownedfunds

October18,2024

October18,2025

Other

Subjecttoactualinvestmentperiod

1.10%

1.1

0.52

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

RisingFinance

Otherprofessionalwealthmanagementinstitution

Termdeposit

531.79

Self-ownedfunds

April7,2025

July7,2025

Other

Subjecttoactualinvestmentperiod

1.15%

1.53

1.42

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

Trustee

Typeoftrustee

Typeofwealthmanagementproduct

Principal

Sourceofprincipal

Beginningdate

Endingdate

Useofprincipal

Determinationofyield

Annualizedyieldrateforreference

Expectedyield(ifany)

Actualgain/lossinReportingPeriod

Receipt/paymentofsuchgain/loss

Allowanceforimpairment(ifany)

Prescribedprocedureexecutedornot

Planformoretransactionornot

Indextotransactionsummaryandotherinformation(ifany)

RisingFinance

Otherprofessionalwealthmanagementinstitution

Termdeposit

2,000

Self-ownedfunds

April3,2025

October2,2025

Other

Subjecttoactualinvestmentperiod

2.00%

19.22

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

FoshanHujingSub-branchofBankofGuangzhou

Bank

Termdeposit

5,000

Self-ownedfunds

January24,2025

July23,2025

Other

Subjecttoactualinvestmentperiod

1.75%

43.75

37.88

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

RisingFinance

Otherprofessionalwealthmanagementinstitution

Termdeposit

10,000

Self-ownedfunds

January24,2025

July23,2025

Other

Subjecttoactualinvestmentperiod

2.00%

100

86.58

Toberecovered

Yes

Incompliancewithprescribedapprovalprocedure

Total

139,031.79

9,505.88

1,761.88

Situationwheretheprincipalisexpectedlyirrecoverableoranimpairmentmaybeincurred:

□Applicable?Notapplicable

4.OtherSignificantContracts

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.XIIIOtherSignificantEvents?Applicable□Notapplicable

1.SubscriptionforA-sharesissuedbythemajority-ownedsubsidiary,NationStarOptoelectronics,in2025tospecificsubjectsTheCompany’smajority-ownedsubsidiary,FoshanNationStarOptoelectronicsCo.,Ltd.(stockabbreviation:

NationStarOptoelectronics,stockcode:002449),planstoissuenomorethan185,543,150A-shares(inclusive)tospecificsubjects,raisingatotalofnomorethanRMB981,323,900(inclusive).Theraisedfundswillbeusedforthe“Ultra-HighDefinitionDisplayMini/MicroLEDandDisplayModuleProductionProject,”“OptoelectronicSensingandSmartHealthDevicesIndustrializationProject,”“SmartHomeDisplayandMiniBacklightModuleProject,”“SmartAutomotiveComponentsandApplicationsProject,”“NationStarOptoelectronicsR&DLaboratoryProject,”and“SupplementingWorkingCapital.”TheCompanyplanstouseitsownfunds(excludingtheraisedfunds)tosubscribetotheA-sharesissuedbyNationStarOptoelectronicstospecificsubjects,withaninvestmentamountofRMB116million.ThefinalnumberofsharessubscribedwillbedeterminedbasedonNationstarOptoelectronics’actualissueprice.TheCompanywillsignaShareSubscriptionAgreementwithconditionsforeffectivenessandissuerelatedcommitments.Formoredetails,pleaserefertotheAnnouncementonParticipatingintheSubscriptionforA-sharesIssuedbytheMajority-OwnedSubsidiary,NationStarOptoelectronics,toSpecificEntitiesin2025disclosedbytheCompanyonJuly11,2025,onthewww.cninfo.com.cn.

XIVSignificantEventsofSubsidiaries

?Applicable□Notapplicable

1.Expropriationoflandandabove-groundhousingofNanjingFozhaoTheCompanyheldthe24thMeetingoftheNinthBoardofDirectorsonDecember15,2021,wheretheProposalonExpropriationofLandandAbove-groundHousingoftheWholly-ownedSubsidiaryNanjingFozhaoLightingEquipmentManufacturingCo.,Ltd.,wasdeliberatedandadopted.TheBoardofDirectorsagreedthatNanjingLishuiDistrictPeople’sGovernmentexpropriatesthelanduserightsandabove-landhousingofNanjingFozhaoLightingEquipmentManufacturingCo.,Ltd.(hereinafterreferredtoas“NanjingFozhao”),awholly-ownedsubsidiaryoftheCompany,atacompensationamountofRMB183,855,895.00,andNanjingFozhaosignedanexpropriationandcompensationagreementwithLishuiCountyHouseDismantling,Moving&ResettlingDevelopmentCo.,Ltd.,theimplementingunitofthehousingexpropriation.InDecember2021,NanjingFozhaoreceived30%ofthecompensation,thatis,RMB55.16million,andthelanduserightcertificateandhouseownershipcertificateoftheassetsinvolvedhavebeencancelled.AsatJanuary7,2025,LishuiDistrictDemolitionandResettlementCo.,Ltd.ofNanjinghadtakenpossessionofalllandandabove-groundbuildingsofNanjingFozhao.Asatthedisclosuredateofthisreport,bothpartiesareinnegotiationandimplementationregardingtheperformanceofthecontractandthepaymentoftheremainingcompensation.Afterthedemolitionworkiscompleted,NanjingFozhaoplanstocarryoutliquidationandcancellation.

2.NationStarOptoelectronics’plantoissueA-sharestospecificsubjectsToseizeindustrydevelopmentopportunities,optimizeitsproductstructure,increaseitstechnologicalreserves,enhanceitsR&Dcapabilities,andfurtherstrengthenitscorecompetitivenessandsustainabledevelopmentcapacity,NationStarOptoelectronicsplanstoissuenomorethan185,543,150A-shares(inclusive)tospecific

subjects.ThetotalamountofraisedfundswillnotexceedRMB981,323,900(inclusive),whichwillbeusedforthe“Ultra-HighDefinitionDisplayMini/MicroLEDandDisplayModuleProductionProject,”“OptoelectronicSensingandSmartHealthDevicesIndustrializationProject,”“SmartHomeDisplayandMiniBacklightModuleProject,”“SmartAutomotiveComponentsandApplicationsProject,”“NationStarOptoelectronicsR&DLaboratoryProject,”and“SupplementingWorkingCapital.”Formoredetails,pleaserefertothe2025PlanforIssuingA-sharestoSpecificSubjectsbyFoshanNationStarOptoelectronicsCo.,Ltd.andotherannouncementsdisclosedbyNationStarOptoelectronicsonJuly11,2025,onthewww.cninfo.com.cn.

PartVIShareChangesandShareholderInformation

IShareChanges

1.ShareChanges

Unit:share

	Before		Increase/decreaseintheReportingPeriod(+/-)					After
	Shares	Percentage(%)	Newissues	Sharesasdividendconvertedfromprofit	Sharesasdividendconvertedfromcapitalreserves	Other	Subtotal	Shares	Percentage(%)
1.Restrictedshares	57,295,457	3.70%				-46,796,039	-46,796,039	10,499,418	0.68%
1.1Sharesheldbystate	0	0.00%				0	0	0	0.00%
1.2Sharesheldbystate-ownedlegalpersons	46,695,896	3.02%				-46,695,895	-46,695,895	1	0.00%
1.3Sharesheldbyotherdomesticinvestors	1,671,929	0.11%				-100,144	-100,144	1,571,785	0.10%
Amongwhich:Sharesheldbydomesticlegal	1,338,434	0.09%				0	0	1,338,434	0.09%

persons
Sharesheldbydomesticnaturalpersons	333,495	0.02%	-100,144	-100,144	233,351	0.02%
1.4Sharesheldbyforeigninvestors	8,927,632	0.58%	0	0	8,927,632	0.58%
Amongwhich:Sharesheldbyforeignlegalpersons	0	0.00%	0	0	0	0.00%
Sharesheldbyforeignnaturalpersons	8,927,632	0.58%	0	0	8,927,632	0.58%
2.Unrestrictedshares	1,491,482,773	96.30%	33,796,039	33,796,039	1,525,278,812	99.32%
2.1RMB-denominatedordinaryshares	1,196,737,167	77.27%	33,796,039	33,796,039	1,230,533,206	80.12%
2.2Domesticallylistedforeignshares	294,745,606	19.03%	0	0	294,745,606	19.19%
2.3Overseaslistedforeignshares	0	0.00%	0	0	0	0.00%
2.4Other	0	0.00%	0	0	0	0.00%
3.Totalshares	1,548,778,230	100.00%	-13,000,000	-13,000,000	1,535,778,230	100.00%

Reasonsforsharechanges:

?Applicable□Notapplicable

1.In2023,inaccordancewiththeReplyontheApprovaloftheRegistrationofFoshanElectricalandLightingCo.,Ltd.fortheIssueofSharestoSpecificObjects(ZJXK[2023]No.1974)issuedbytheCSRC,theCompanyissued186,783,583RMB-denominatedordinaryshares(Ashares)to13specificobjectsincludingRisingHoldingsGroup,theCompany’sdefactocontroller,andsuchshareswerelistedontheShenzhenStockExchangeonDecember4,2023.OnJune4,2025,the46,695,895restrictedsharessubscribedbyRisingHoldingsGroupinthisissuewererelieved.Fordetails,pleaserefertotheIndicativeAnnouncementontheTradingontheMarketofRestrictedSharesIssuedtoSpecificObjectsThatHaveBeenRelieveddisclosedonMay29,2025onhttp://www.cninfo.com.cn.

2.TheCompany’sformersupervisorsYeZhenghongandLinQing,afterdepartureduetoexpirationofterm,hadrestrictionsliftedon100,144restrictedsharesuponthelapseofsixmonths,inaccordancewithrelevantregulations.

3.TheCompanyheldthe3rdmeetingofthe10thBoardofDirectors,the3rdmeetingofthe10thBoardofSupervisors,andthe3rdextraordinarygeneralmeetingofshareholdersonNovember29,2024andDecember16,2024,respectively.ThemeetingsapprovedtheProposalonCancelingRepurchaseSharesandReducingRegisteredCapital.InviewoftheCompany’sterminationofthe2023RestrictedStockIncentivePlanandtheimpendingexpirationofthesharesoriginallyreservedfortheequityincentiveplan,theCompanyagreedtocancel13millionA-sharesstoredintherepurchasespecialsecuritiesaccountandcorrespondinglyreducetheCompany’sregisteredcapital.OnJanuary10,2025,thecancellationoftheCompany’ssharerepurchasewascompleted.Followingthiscancellation,thetotalsharecapitaloftheCompanyhasbeenchangedfrom1,548,778,230sharesto1,535,778,230shares.Fordetails,pleaserefertotheAnnouncementonCompletionofShareCancellationandShareCapitalChangedisclosedonJanuary14,2025onthewww.cninfo.com.cn.Approvalofsharechanges:

?Applicable□Notapplicable

1.DuringtheReportingPeriod,the46,695,895sharessubscribedbyGuangshengHoldingsGroupintheCompany’s2023issuancewerereleasedfromsalerestrictionsandconvertedintounrestrictedshares,withtheapprovaloftheShenzhenStockExchangeandChinaSecuritiesDepositoryandClearingCorporationLimited.

2.DuringtheReportingPeriod,thecancellationof13,000,000A-sharesrepurchasedthroughtheCompany’sdedicatedsecuritiesaccountandthecorrespondingreductionofregisteredcapitalwerereviewedandapprovedbythe3rdMeetingofthe10thBoardofDirectors,the3rdMeetingofthe10thSupervisoryCommittee,andthe3rdExtraordinaryGeneralMeetingofShareholdersof2024.Transferofshareownership:

□Applicable?NotapplicableProgressonanysharerepurchase:

□Applicable?NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:

□Applicable?NotapplicableEffectsofsharechangesonthebasicanddilutedearningspershare,equitypershareattributabletotheCompany’sordinaryshareholdersandotherfinancialindicatorsoftheprioryearandtheprioraccountingperiod,respectively:

?Applicable?NotapplicableDuringtheReportingPeriod,thecancellationof13millionA-sharesfromtherepurchasespecialsecuritiesaccountresultedinthereductionoftotalsharecapital,impactingthebasicearningspershare,dilutedearningspershare,andnetassetspershareattributabletoordinaryshareholdersoftheCompanyforthemostrecentfiscalyearandthemostrecentreportingperiodasfollows:

Item	2024		H12025
Item	Basedonoriginalsharecapital	Basedonnewsharecapital	Basedonnewsharecapital
Basicearningspershare(RMB/share)	0.2905	0.2905	0.0749
Dilutedearningspershare(RMB/share)	0.2881	0.2905	0.0749
Netassetsattributabletoshareholders(RMB/share)	4.2808	4.2808	4.3743

OtherinformationthattheCompanyconsidersnecessaryorisrequiredbythesecuritiesregulatortobedisclosed:

□Applicable?Notapplicable

2.ChangesinRestrictedShares?Applicable□Notapplicable

Unit:share

Nameoftheshareholders	Restrictedsharesamountattheperiod-begin	Restrictedsharesrelievedoftheperiod	Restrictedsharesincreasedoftheperiod	Restrictedsharesamountattheperiod-end	Restrictedreasons	Restrictedsharesrelieveddate
GuangdongRisingHoldingsGroupCo.,Ltd.	46,695,895	46,695,895	0	0	ReliefofrestrictedAsharessubscribed,whichwereissuedbytheCompanytospecificsubjectsin2023	June4,2025
YeZhenghong	77,561	77,561	0	0	Restrictedsalewithinsixmonthsafterdepartureofdirectors,supervisorsandseniormanagement	Reliefofrestrictedsharesinaccordancewithrulesonrestrictedsharesforseniormanagement
LinQing	22,583	22,583	0	0	Restrictedsalewithinsixmonthsafterdepartureofdirectors,supervisorsandseniormanagement	Reliefofrestrictedsharesinaccordancewithrulesonrestrictedsharesforseniormanagement
Total	46,796,039	46,796,039	0	0	--	--

II.IssuanceandListingofSecurities

□Applicable?Notapplicable

III.TotalNumberofShareholdersandTheirShareholdings

Unit:share

Totalnumberofordinaryshareholdersattheperiod-end		95,998		Totalnumberofpreferenceshareholderswithresumedvotingrightsattheperiod-end(ifany)(seeNote8)			0
Shareholdingofordinaryshareholdersholdingmorethan5%sharesorthetop10ofordinaryshareholders(exclusiveofshareslentinrefinancing)
Nameofshareholder	Natureofshareholder	Shareholdingpercentage	Totalordinarysharesheldattheperiod-end	Increase/decreaseintheReportingPeriod	Restrictedordinarysharesheld	Non-restrictedordinarysharesheld	Sharesinpledge,markedorfrozen
Nameofshareholder	Natureofshareholder	Shareholdingpercentage	Totalordinarysharesheldattheperiod-end	Increase/decreaseintheReportingPeriod	Restrictedordinarysharesheld	Non-restrictedordinarysharesheld	Status	Shares
HongkongWahShingHoldingCompanyLimited	Foreigncorporation	12.85%	197,338,980	0	0	197,338,980	N/A	0
ProsperityLamps&ComponentsLimited	Foreigncorporation	9.57%	146,934,857	0	0	146,934,857	N/A	0
GuangdongElectronicsInformationIndustryGroupLtd.	State-ownedcorporation	9.35%	143,623,846	11,429,600.00	0	143,623,846	N/A	0
GuangdongRisingHoldingsGroupCo.,Ltd.	State-ownedcorporation	8.45%	129,826,793	0	0	129,826,793	N/A	0
CentralHuijinAssetManagementCo.,	State-ownedcorporation	2.16%	33,161,800	0	0	33,161,800	N/A	0

Ltd.
GuozhengInternationalSecurities(HongKong)Co.,Ltd.	Foreigncorporation	2.07%	31,793,798	-3,348,803.00	0	31,793,798		0
RisingInvestmentDevelopmentLimited	Foreigncorporation	1.66%	25,482,252	0	0	25,482,252	N/A	0
ZhangShaowu	Domesticindividual	1.11%	17,000,000	0	0	17,000,000	N/A	0
ZhuangJianyi	Foreignindividual	0.78%	11,903,509	0	8,927,632	2,975,877	N/A	0
ChinaMerchantsSecurities(HK)Co.,Limited	Foreigncorporation	0.59%	9,008,991	241,100.00	0	9,008,991		0
Strategicinvestorsorgeneralcorporationsbecomingtop-tenshareholdersduetoplacingofnewshares(ifany)(seeNote3)		Naught
Relatedoracting-in-concertpartiesamongtheshareholdersabove		Amongthetop10shareholders,HongkongWahShingHoldingCompanyLimited,GuangdongRisingHoldingsGroupCo.,Ltd.,GuangdongElectronicsInformationIndustryGroupLtd.andRisingInvestmentDevelopmentLimitedareacting-in-concertparties;andProsperityLamps&ComponentsLimitedandZhuangJianyiareacting-in-concertparties.Apartfromthat,itisunknownwhetherthereisamongthetop10shareholdersanyotherrelatedpartiesoracting-in-concertpartiesasdefinedintheAdministrativeMeasuresfortheAcquisitionofListedCompanies.
Aboveshareholdersinvolvedinentrusting/beingentrustedwithvotingrightsandgivingupvotingrights		Naught

Specialaccountforsharerepurchases(ifany)amongthetop10shareholders(seenote11)	Naught
Top10unrestrictedordinaryshareholders(exclusiveofshareslentinrefinancingandexecutivelock-upshares)
Nameofshareholder	Unrestrictedordinarysharesattheperiod-end	Typeofshares
Nameofshareholder	Unrestrictedordinarysharesattheperiod-end	Type	Shares
HongkongWahShingHoldingCompanyLimited	197,338,980	RMB-denominatedordinarystock	188,496,430
HongkongWahShingHoldingCompanyLimited	197,338,980	Domesticallylistedforeignstock	8,842,550
ProsperityLamps&ComponentsLimited	146,934,857	RMB-denominatedordinarystock	146,934,857
GuangdongElectronicsInformationIndustryGroupLtd.	143,623,846	RMB-denominatedordinarystock	143,623,846
GuangdongRisingHoldingsGroupCo.,Ltd.	129,826,793	RMB-denominatedordinarystock	129,826,793
CentralHuijinAssetManagementCo.,Ltd.	33,161,800	RMB-denominatedordinarystock	33,161,800
GuozhengInternationalSecurities	31,793,798	Domestically	31,793,798

(HongKong)Co.,Ltd.		listedforeignstock
RisingInvestmentDevelopmentLimited	25,482,252	Domesticallylistedforeignstock	25,482,252
ZhangShaowu	17,000,000	RMB-denominatedordinarystock	17,000,000
ChinaMerchantsSecurities(HK)Co.,Limited	9,008,991	Domesticallylistedforeignstock	9,008,991
HongKongSecuritiesClearingCompanyLimited	8,312,988	RMB-denominatedordinarystock	8,312,988
Relatedoracting-in-concertpartiesamongthetop10unrestrictedordinaryshareholders,aswellasbetweenthetop10unrestrictedordinaryshareholdersandthetop10ordinaryshareholders	Amongthetop10unrestrictedordinaryshareholders,HongkongWahShingHoldingCompanyLimited,GuangdongRisingHoldingsGroupCo.,Ltd.,GuangdongElectronicsInformationIndustryGroupLtd.,andRisingInvestmentDevelopmentLimitedareacting-in-concertparties;Apartfromthat,itisunknownwhetherthereisamongthetop10shareholdersanyotherrelatedpartiesoracting-in-concertpartiesasdefinedintheAdministrativeMeasuresfortheAcquisitionofListedCompanies.
Top10ordinaryshareholdersinvolvedinsecuritiesmargintrading(ifany)(seenote4)	None

5%orgreatershareholders,top10shareholdersandTop10unrestrictedshareholdersinvolvedinrefinancingshareslending

□Applicable?NotapplicableChangesintop10shareholdersandtop10unrestrictedshareholdersduetorefinancingshareslending/returncomparedwiththepriorperiod

□Applicable?Notapplicable

Indicatebytickmarkwhetheranyofthetop10ordinaryshareholdersorthetop10unrestrictedordinaryshareholdersoftheCompanyconductedanypromissoryrepoduringtheReportingPeriod.

□Yes?NoNosuchcasesintheReportingPeriod.

IVChangeinShareholdingsofDirectors,SupervisorsandSeniorManagement

□Applicable?NotapplicableNochangesoccurredtotheshareholdingsofthedirectors,supervisorsandseniormanagementintheReportingPeriod.SeetheAnnualReport2024formoredetails.VChangeoftheControllingShareholderortheActualController

ChangeofthecontrollingshareholderintheReportingPeriod

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.ChangeoftheactualcontrollerintheReportingPeriod

□Applicable?NotapplicableNosuchcasesintheReportingPeriod.

VIPreferenceShares

□Applicable?NotapplicableNopreferencesharesintheReportingPeriod.

PartVIIBonds

□Applicable?Notapplicable

PartVIIIFinancialStatementsIAuditor’sReport

Whethertheinterimreporthasbeenaudited?

□Yes?NoTheinterimreportoftheCompanyhasnotbeenaudited.IIFinancialStatementsCurrencyunitforthefinancialstatementsandthenotesthereto:RMB

1.ConsolidatedBalanceSheetPreparedbyFoshanElectricalandLightingCo.,Ltd.

June30,2025

Unit:RMB

Item	Endingbalance	Beginningbalance
Currentassets:
Monetaryassets	3,084,419,399.18	3,209,127,437.31
Settlementreserve
Interbankloansgranted
Held-for-tradingfinancialassets	2,288,376.68	43,649,820.47
Derivativefinancialassets
Notesreceivable	792,038,054.34	997,281,070.21
Accountsreceivable	2,243,390,191.30	2,125,667,291.96
Accountsreceivablefinancing	380,276,549.15	352,694,866.89
Prepayments	32,710,901.40	24,419,779.12
Premiumsreceivable
Reinsurancereceivables
Receivablereinsurancecontract

Item	Endingbalance	Beginningbalance
reserve
Otherreceivables	69,553,723.47	70,524,265.25
Including:Interestreceivable
Dividendsreceivable
Financialassetspurchasedunderresaleagreements
Inventories	2,025,757,449.08	2,025,499,361.38
Including:Dataresources
Contractassets	1,126,681.30	1,690,021.95
Assetsheldforsale	17,147,339.84	17,147,339.84
Currentportionofnon-currentassets
Othercurrentassets	414,826,910.56	261,284,776.85
Totalcurrentassets	9,063,535,576.30	9,128,986,031.23
Non-currentassets:
Loansandadvancestocustomers
Investmentsindebtobligations
Investmentsinotherdebtobligations	1,155,317,713.39	1,140,022,863.72
Long-termreceivables
Long-termequityinvestments	180,947,314.66	180,300,594.89
Investmentsinotherequityinstruments	747,257,412.11	726,663,613.42
Othernon-currentfinancialassets
Investmentproperty	827,883,993.63	793,487,046.02
Fixedassets	3,572,275,761.68	3,646,594,206.04

Item	Endingbalance	Beginningbalance
Constructioninprogress	293,945,488.06	263,601,705.89
Productivelivingassets
Oilandgasassets
Right-of-useassets	18,139,960.72	22,342,999.34
Intangibleassets	383,721,802.95	388,587,348.99
Including:Dataresources
Developmentcosts
Including:Dataresources
Goodwill	279,564,092.85	279,438,540.78
Long-termprepaidexpense	253,617,342.85	253,024,495.82
Deferredincometaxassets	141,555,140.03	135,948,224.91
Othernon-currentassets	255,160,466.10	200,765,785.59
Totalnon-currentassets	8,109,386,489.03	8,030,777,425.41
Totalassets	17,172,922,065.33	17,159,763,456.64
Currentliabilities:
Short-termborrowings	199,599,173.96	307,141,147.49
Borrowingsfromthecentralbank
Interbankloansobtained
Held-for-tradingfinancialliabilities		275,250.00
Derivativefinancialliabilities
Notespayable	1,781,207,077.08	1,930,784,817.62
Accountspayable	2,765,954,401.30	2,781,965,096.70
Advancesfromcustomers	13,633,630.14	13,531,474.15

Item	Endingbalance	Beginningbalance
Contractliabilities	142,244,278.82	119,506,301.48
Financialassetssoldunderrepurchaseagreements
Customerdepositsandinterbankdeposits
Payablesforactingtradingofsecurities
Payablesforunderwritingofsecurities
Employeebenefitspayable	176,048,047.84	214,651,088.46
Taxespayable	78,673,132.01	107,085,160.39
Otherpayables	669,335,888.63	495,717,050.97
Including:Interestpayable
Dividendspayable	188,359,258.07
Handlingchargesandcommissionspayable
Reinsurancepayables
Liabilitiesdirectlyassociatedwithassetsheldforsale
Currentportionofnon-currentliabilities	154,950,261.52	120,574,788.81
Othercurrentliabilities	394,759,280.65	377,156,212.40
Totalcurrentliabilities	6,376,405,171.95	6,468,388,388.47
Non-currentliabilities:
Insurancecontractreserve
Long-termborrowings	131,440,187.61	222,581,930.54
Bondspayable

Item	Endingbalance	Beginningbalance
Including:Preferredshares
Perpetualbonds
Leaseliabilities	11,380,772.63	15,023,993.11
Long-termpayables
Long-termemployeebenefitspayable
Provisions	26,914,403.37	27,430,683.82
Deferredincome	91,488,890.41	73,739,179.94
Deferredincometaxliabilities	189,304,175.41	185,921,269.29
Othernon-currentliabilities	175,649.83	177,917.63
Totalnon-currentliabilities	450,704,079.26	524,874,974.33
Totalliabilities	6,827,109,251.21	6,993,263,362.80
Owners’equity:
Sharecapital	1,535,778,230.00	1,548,778,230.00
Otherequityinstruments
Including:Preferredshares
Perpetualbonds
Capitalreserves	843,517,955.90	914,336,325.66
Less:Treasurystock		82,165,144.15
Othercomprehensiveincome	425,383,074.84	383,429,155.02
Specificreserve	5,487,071.02	4,782,061.20
Surplusreserves	167,285,701.79	150,097,522.97
Generalreserve
Retainedearnings	3,740,440,128.62	3,655,046,154.57

Item	Endingbalance	Beginningbalance
TotalequityattributabletoownersoftheCompanyastheparent	6,717,892,162.17	6,574,304,305.27
Non-controllinginterests	3,627,920,651.95	3,592,195,788.57
Totalowners’equity	10,345,812,814.12	10,166,500,093.84
Totalliabilitiesandowners’equity	17,172,922,065.33	17,159,763,456.64

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

2.BalanceSheetoftheCompanyastheParent

Unit:RMB

Item	Endingbalance	Beginningbalance
Currentassets:
Monetaryassets	1,227,301,560.14	1,260,985,441.29
Held-for-tradingfinancialassets	95,600.00
Derivativefinancialassets
Notesreceivable	60,849,619.93	71,832,245.04
Accountsreceivable	785,383,196.43	745,257,268.31
Accountsreceivablefinancing	29,742,336.71	67,526,522.26
Prepayments	11,827,478.34	71,078,813.72
Otherreceivables	1,161,580,974.30	944,184,445.88
Including:Interestreceivable
Dividendsreceivable	4,733,110.26
Inventories	246,162,081.25	268,069,616.21
Including:Dataresources
Contractassets	1,126,681.30	1,690,021.95

Item	Endingbalance	Beginningbalance
Assetsheldforsale
Currentportionofnon-currentassets
Othercurrentassets	156,754,438.06	861,413.93
Totalcurrentassets	3,680,823,966.46	3,431,485,788.59
Non-currentassets:
Investmentsindebtobligations
Investmentsinotherdebtobligations	1,061,827,379.53	1,047,759,858.61
Long-termreceivables
Long-termequityinvestments	2,482,240,506.32	2,434,177,186.55
Investmentsinotherequityinstruments	700,854,868.31	687,581,069.62
Othernon-currentfinancialassets
Investmentproperty	196,570,234.20	202,079,386.31
Fixedassets	583,618,398.55	599,351,996.15
Constructioninprogress	7,054,078.30	5,884,955.59
Productivelivingassets
Oilandgasassets
Right-of-useassets	11,329,050.69	8,720,969.67
Intangibleassets	58,583,470.90	57,347,999.70
Including:Dataresources
Developmentcosts
Including:Dataresources
Goodwill

Item	Endingbalance	Beginningbalance
Long-termprepaidexpense	30,209,636.40	35,546,452.07
Deferredincometaxassets	39,740,384.34	38,910,990.65
Othernon-currentassets	186,159,759.10	120,611,200.89
Totalnon-currentassets	5,358,187,766.64	5,237,972,065.81
Totalassets	9,039,011,733.10	8,669,457,854.40
Currentliabilities:
Short-termborrowings	14,556,611.51
Held-for-tradingfinancialliabilities		275,250.00
Derivativefinancialliabilities
Notespayable	1,016,255,068.69	864,782,508.32
Accountspayable	962,461,446.94	860,893,918.87
Advancesfromcustomers	13,367,850.30	13,367,850.30
Contractliabilities	75,701,497.82	58,018,288.88
Employeebenefitspayable	53,763,682.59	57,145,931.55
Taxespayable	43,430,264.94	75,527,406.17
Otherpayables	499,445,543.51	445,875,922.06
Including:Interestpayable
Dividendspayable	184,293,387.60
Liabilitiesdirectlyassociatedwithassetsheldforsale
Currentportionofnon-currentliabilities	7,831,175.53	3,581,230.44
Othercurrentliabilities	53,231,986.52	50,682,086.68
Totalcurrentliabilities	2,740,045,128.35	2,430,150,393.27

Item	Endingbalance	Beginningbalance
Non-currentliabilities:
Long-termborrowings
Bondspayable
Including:Preferredshares
Perpetualbonds
Leaseliabilities	3,956,954.17	5,516,409.11
Long-termpayables
Long-termemployeebenefitspayable
Provisions		2,110,312.84
Deferredincome
Deferredincometaxliabilities	75,985,122.66	68,096,992.10
Othernon-currentliabilities
Totalnon-currentliabilities	79,942,076.83	75,723,714.05
Totalliabilities	2,819,987,205.18	2,505,874,107.32
Owners’equity:
Sharecapital	1,535,778,230.00	1,548,778,230.00
Otherequityinstruments
Including:Preferredshares
Perpetualbonds
Capitalreserves	839,893,397.29	909,058,541.44
Less:Treasurystock		82,165,144.15
Othercomprehensiveincome	425,971,708.97	383,570,431.32
Specificreserve	3,194,742.64	3,170,252.81

Item	Endingbalance	Beginningbalance
Surplusreserves	398,589,771.03	381,401,592.21
Retainedearnings	3,015,596,677.99	3,019,769,843.45
Totalowners’equity	6,219,024,527.92	6,163,583,747.08
Totalliabilitiesandowners’equity	9,039,011,733.10	8,669,457,854.40

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

3.ConsolidatedIncomeStatement

Unit:RMB

Item	H12025	H12024
1.Revenue	4,385,731,119.78	4,784,545,767.42
Including:Operatingrevenue	4,385,731,119.78	4,784,545,767.42
Interestincome
Insurancepremiumincome
Handlingchargeandcommissionincome
2.Costsandexpenses	4,257,961,593.80	4,531,278,513.54
Including:Costofsales	3,565,320,556.68	3,870,251,108.01
Interestexpense
Handlingchargeandcommissionexpense
Surrenders
Netinsuranceclaimspaid
Netamountprovidedasinsurancecontractreserve
Expenditureonpolicydividends

Item	H12025	H12024
Reinsurancepremiumexpense
Taxesandsurcharges	35,195,442.18	37,916,939.23
Sellingexpense	182,892,072.03	167,217,797.90
Administrativeexpense	224,001,579.55	226,332,962.51
R&Dexpense	267,669,599.53	260,165,950.63
Financecosts	-17,117,656.17	-30,606,244.74
Including:Interestexpense	8,116,483.14	11,047,212.70
Interestincome	20,148,088.69	25,938,447.85
Add:Otherincome	45,245,132.45	60,151,413.19
Returnoninvestment(“-”forloss)	27,447,075.84	38,017,499.24
Including:Shareofprofitorlossofjointventuresandassociates	646,719.77	1,444,720.72
Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss)
Exchangegain(“-”forloss)
Netgainonexposurehedges(“-”forloss)
Gainonchangesinfairvalue(“-”forloss)	345,894.65	-601,447.40
Creditimpairmentloss(“-”forloss)	-12,101,495.69	-38,270,808.58
Assetimpairmentloss(“-”forloss)	-22,424,871.33	-36,958,804.89
Assetdisposalincome(“-”forloss)	-64,693.00	-99,108.79
3.Operatingprofit(“-”forloss)	166,216,568.90	275,505,996.65
Add:Non-operatingincome	2,113,315.35	3,054,859.55

Item	H12025	H12024
Less:Non-operatingexpense	2,087,195.60	486,217.43
4.Profitbeforetax(“-”forloss)	166,242,688.65	278,074,638.77
Less:Incometaxexpense	18,318,812.92	24,632,382.12
5.Netprofit(“-”fornetloss)	147,923,875.73	253,442,256.65
5.1Byoperatingcontinuity
5.1.1Netprofitfromcontinuingoperations(“-”fornetloss)	147,923,875.73	253,442,256.65
5.1.2Netprofitfromdiscontinuedoperations(“-”fornetloss)
5.2Byownership
5.2.1NetprofitattributabletoshareholdersoftheCompanyastheparent(“-”fornetloss)	114,993,752.24	192,229,182.38
5.2.2Netprofitattributabletonon-controllinginterests(“-”fornetloss)	32,930,123.49	61,213,074.27
6.Othercomprehensiveincome,netoftax	213,491,772.64	-22,766,075.54
AttributabletoownersoftheCompanyastheparent	213,835,708.05	-22,203,388.92
6.1Itemsthatwillnotbereclassifiedtoprofitorloss	214,283,065.88	-21,548,515.71
6.1.1Changescausedbyremeasurementsondefinedbenefitschemes
6.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod
6.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments	214,283,065.88	-21,548,515.71
6.1.4Changesinthefairvalue

Item	H12025	H12024
arisingfromchangesinowncreditrisk
6.1.5Other
6.2Itemsthatwillbereclassifiedtoprofitorloss	-447,357.83	-654,873.21
6.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod
6.2.2Changesinthefairvalueofinvestmentsinotherdebtobligations
6.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
6.2.4Creditimpairmentallowanceforinvestmentsinotherdebtobligations
6.2.5Reserveforcashflowhedges
6.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements	-447,357.83	-654,873.21
6.2.7Other
Attributabletonon-controllinginterests	-343,935.41	-562,686.62
7.Totalcomprehensiveincome	361,415,648.37	230,676,181.11
AttributabletoownersoftheCompanyastheparent	328,829,460.29	170,025,793.46
Attributabletonon-controllinginterests	32,586,188.08	60,650,387.65
8.Earningspershare
8.1Basicearningspershare	0.0749	0.1252
8.2Dilutedearningspershare	0.0748	0.1241

Wherebusinesscombinationsundercommoncontroloccurredinthecurrentperiod,thenetprofitachievedbytheacquireesbeforethecombinationswasRMB0.00,withtheamountforthesameperiodoflastyearbeingRMB0.00.Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

4.IncomeStatementoftheCompanyastheParent

Unit:RMB

Item	H12025	H12024
1.Operatingrevenue	1,375,713,664.69	1,799,801,338.92
Less:Costofsales	1,098,937,232.29	1,378,551,377.80
Taxesandsurcharges	13,565,054.39	15,272,851.85
Sellingexpense	124,554,920.28	110,943,993.00
Administrativeexpense	78,778,907.88	98,157,531.70
R&Dexpense	63,700,067.52	83,461,134.06
Financecosts	-5,528,642.24	-18,473,106.96
Including:Interestexpense	860,302.39	205,821.60
Interestincome	5,633,071.27	8,056,174.38
Add:Otherincome	3,932,905.05	11,207,995.85
Returnoninvestment(“-”forloss)	31,566,338.46	38,136,678.31
Including:Shareofprofitorlossofjointventuresandassociates	646,719.77	1,444,720.72
Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss)
Netgainonexposurehedges(“-”forloss)
Gainonchangesinfairvalue(“-”forloss)	134,700.00	99,400.00
Creditimpairmentloss(“-”forloss)	-3,137,238.29	-22,899,921.83

Item	H12025	H12024
Assetimpairmentloss(“-”forloss)	-8,828,838.84	-5,911,919.35
Assetdisposalincome(“-”forloss)
2.Operatingprofit(“-”forloss)	25,373,990.95	152,519,790.45
Add:Non-operatingincome	26,638.49	1,706,418.89
Less:Non-operatingexpense	524,656.29	127,113.54
3.Profitbeforetax(“-”forloss)	24,875,973.15	154,099,095.80
Less:Incometaxexpense	-550,639.58	18,488,977.50
4.Netprofit(“-”fornetloss)	25,426,612.73	135,610,118.30
4.1Netprofitfromcontinuingoperations(“-”fornetloss)	25,426,612.73	135,610,118.30
4.2Netprofitfromdiscontinuedoperations(“-”fornetloss)
5.Othercomprehensiveincome,netoftax	214,283,065.88	-21,548,515.71
5.1Itemsthatwillnotbereclassifiedtoprofitorloss	214,283,065.88	-21,548,515.71
5.1.1Changescausedbyremeasurementsondefinedbenefitschemes
5.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod
5.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments	214,283,065.88	-21,548,515.71
5.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk
5.1.5Other
5.2Itemsthatwillbereclassified

Item	H12025	H12024
toprofitorloss
5.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod
5.2.2Changesinthefairvalueofinvestmentsinotherdebtobligations
5.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
5.2.4Creditimpairmentallowanceforinvestmentsinotherdebtobligations
5.2.5Reserveforcashflowhedges
5.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements
5.2.7Other
6.Totalcomprehensiveincome	239,709,678.61	114,061,602.59
7.Earningspershare
7.1Basicearningspershare
7.2Dilutedearningspershare

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

5.ConsolidatedCashFlowStatement

Unit:RMB

Item	H12025	H12024
1.Cashflowsfromoperatingactivities:
Proceedsfromsaleofcommoditiesandrenderingofservices	4,100,249,556.88	4,381,995,484.08

Item	H12025	H12024
Netincreaseincustomerdepositsandinterbankdeposits
Netincreaseinborrowingsfromthecentralbank
Netincreaseinloansfromotherfinancialinstitutions
Premiumsreceivedonoriginalinsurancecontracts
Netproceedsfromreinsurance
Netincreaseindepositsandinvestmentsofpolicyholders
Interest,handlingchargesandcommissionsreceived
Netincreaseininterbankloansobtained
Netincreaseinproceedsfromrepurchasetransactions
Netproceedsfromactingtradingofsecurities
Taxrebates	88,415,257.94	82,383,727.52
Cashgeneratedfromotheroperatingactivities	98,470,018.95	119,388,419.41
Subtotalofcashgeneratedfromoperatingactivities	4,287,134,833.77	4,583,767,631.01
Paymentsforcommoditiesandservices	3,072,000,160.70	3,124,222,860.48
Netincreaseinloansandadvancestocustomers
Netincreaseindepositsinthecentralbankandininterbankloansgranted
Paymentsforclaimsonoriginalinsurancecontracts

Item	H12025	H12024
Netincreaseininterbankloansgranted
Interest,handlingchargesandcommissionspaid
Policydividendspaid
Cashpaidtoandforemployees	793,037,980.68	731,015,486.26
Taxespaid	197,243,157.16	151,177,949.87
Cashusedinotheroperatingactivities	215,008,522.28	192,758,289.79
Subtotalofcashusedinoperatingactivities	4,277,289,820.82	4,199,174,586.40
Netcashgeneratedfrom/usedinoperatingactivities	9,845,012.95	384,593,044.61
2.Cashflowsfrominvestingactivities:
Proceedsfromdisinvestment	386,722,784.87	305,000,000.00
Returnoninvestment	12,193,550.27	24,056,243.57
Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets	43,414.00	22,544,055.06
Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits
Cashgeneratedfromotherinvestingactivities	23,042,757.16
Subtotalofcashgeneratedfrominvestingactivities	422,002,506.30	351,600,298.63
Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets	188,617,109.18	159,583,095.03
Paymentsforinvestments	252,320,000.00	1,024,000,000.00
Netincreaseinpledgedloans

Item	H12025	H12024
granted
Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits
Cashusedinotherinvestingactivities
Subtotalofcashusedininvestingactivities	440,937,109.18	1,183,583,095.03
Netcashgeneratedfrom/usedininvestingactivities	-18,934,602.88	-831,982,796.40
3.Cashflowsfromfinancingactivities:
Capitalcontributionsreceived
Including:Capitalcontributionsbynon-controllingintereststosubsidiaries
Borrowingsraised	63,768,004.07	200,111,329.57
Cashgeneratedfromotherfinancingactivities	35,675,972.28	7,224,809.91
Subtotalofcashgeneratedfromfinancingactivities	99,443,976.35	207,336,139.48
Repaymentofborrowings	184,157,032.76	136,959,822.56
Interestanddividendspaid	30,690,680.79	39,360,714.14
Including:Dividendspaidbysubsidiariestonon-controllinginterests	24,282,863.70	29,139,436.44
Cashusedinotherfinancingactivities	16,484,020.64	11,501,309.43
Subtotalofcashusedinfinancingactivities	231,331,734.19	187,821,846.13
Netcashgeneratedfrom/usedinfinancingactivities	-131,887,757.84	19,514,293.35
4.Effectofforeignexchangerates	2,424,112.08	14,380,245.23

Item	H12025	H12024
changesoncashandcashequivalents
5.Netincreaseincashandcashequivalents	-138,553,235.69	-413,495,213.21
Add:Cashandcashequivalents,beginningoftheperiod	2,684,382,020.41	3,101,252,943.88
6.Cashandcashequivalents,endoftheperiod	2,545,828,784.72	2,687,757,730.67

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

6.CashFlowStatementoftheCompanyastheParent

Unit:RMB

Item	H12025	H12024
1.Cashflowsfromoperatingactivities:
Proceedsfromsaleofcommoditiesandrenderingofservices	1,309,774,743.22	1,714,147,588.24
Taxrebates	43,232,841.35	37,731,938.65
Cashgeneratedfromotheroperatingactivities	18,841,629.90	39,430,747.84
Subtotalofcashgeneratedfromoperatingactivities	1,371,849,214.47	1,791,310,274.73
Paymentsforcommoditiesandservices	1,062,624,948.98	1,212,273,623.36
Cashpaidtoandforemployees	199,120,202.97	231,944,514.55
Taxespaid	93,662,045.51	59,269,827.89
Cashusedinotheroperatingactivities	93,658,109.42	68,770,731.65
Subtotalofcashusedinoperatingactivities	1,449,065,306.88	1,572,258,697.45
Netcashgeneratedfrom/usedin	-77,216,092.41	219,051,577.28

Item	H12025	H12024
operatingactivities
2.Cashflowsfrominvestingactivities:
Proceedsfromdisinvestment	249,522,784.87
Returnoninvestment	12,328,693.07	24,016,123.90
Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets		22,433,746.58
Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits
Cashgeneratedfromotherinvestingactivities	215,850.00	35,000,000.00
Subtotalofcashgeneratedfrominvestingactivities	262,067,327.94	81,449,870.48
Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets	70,343,058.99	27,169,498.35
Paymentsforinvestments	197,416,600.00	714,920,000.00
Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits
Cashusedinotherinvestingactivities		178,883,363.61
Subtotalofcashusedininvestingactivities	267,759,658.99	920,972,861.96
Netcashgeneratedfrom/usedininvestingactivities	-5,692,331.05	-839,522,991.48
3.Cashflowsfromfinancingactivities:
Capitalcontributionsreceived
Borrowingsraised	14,556,611.51
Cashgeneratedfromother

Item	H12025	H12024
financingactivities
Subtotalofcashgeneratedfromfinancingactivities	14,556,611.51
Repaymentofborrowings
Interestanddividendspaid
Cashusedinotherfinancingactivities
Subtotalofcashusedinfinancingactivities
Netcashgeneratedfrom/usedinfinancingactivities	14,556,611.51
4.Effectofforeignexchangerateschangesoncashandcashequivalents	237,020.05	9,378,014.06
5.Netincreaseincashandcashequivalents	-68,114,791.90	-611,093,400.14
Add:Cashandcashequivalents,beginningoftheperiod	1,084,153,666.22	1,610,082,668.66
6.Cashandcashequivalents,endoftheperiod	1,016,038,874.32	998,989,268.52

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

7.ConsolidatedStatementsofChangesinOwners’EquityH12025

Unit:RMB

Item

H12025

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

1.Balanceasattheendoftheperiodofprioryear

1,548,778,230.00

914,336,325.66

82,165,144.15

383,429,155.02

4,782,061.20

150,097,522.97

3,655,046,154.57

6,574,304,305.27

3,592,195,788.57

10,166,500,093.84

Add:Adjustmentforchangeinaccountingpolicy

Adjustmentforcorrectionofpreviouserror

Otheradjustmen

Item	H12025
	EquityattributabletoownersoftheCompanyastheparent													Non-controllinginterests	Totalowners’equity
	Sharecapital	Otherequityinstruments			Capitalreserves	Less:Treasurystock	Othercomprehensiveincome	Specificreserve	Surplusreserves	Generalreserve	Retainedearnings	Other	Subtotal
	Sharecapital	Preferredshares	Perpetualbonds	Other	Capitalreserves	Less:Treasurystock	Othercomprehensiveincome	Specificreserve	Surplusreserves	Generalreserve	Retainedearnings	Other	Subtotal
ts
2.BalanceasatthebeginningoftheReportingPeriod	1,548,778,230.00				914,336,325.66	82,165,144.15	383,429,155.02	4,782,061.20	150,097,522.97		3,655,046,154.57		6,574,304,305.27	3,592,195,788.57	10,166,500,093.84
3.Increase/decreaseintheperiod(“-”fordecrease)	-13,000,000.00				-70,818,369.76	-82,165,144.15	41,953,919.82	705,009.82	17,188,178.82		85,393,974.05		143,587,856.90	35,724,863.38	179,312,720.28
3.1Totalcomprehensiveincome							213,835,708.05				114,993,752.24		328,829,460.29	32,586,188.08	361,415,648.37
3.2Capitalincreasedandreducedbyowners	-13,000,000.00				-70,818,369.76	-82,165,144.15							-1,653,225.61	28,999,773.07	27,346,547.46

Item

H12025

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

3.2.1Ordinarysharesincreasedbyowners

3.2.2Capitalincreasedbyholdersofotherequityinstruments

3.2.3Share-basedpaymentsincludedinowners’equity

3.2.4Other

-13,000,000.00

-70,818,369.76

-82,165,144.15

-1,653,225.61

28,999,773.07

27,346,547.46

3.3Profitdistributio

-184,293,38

-28,348,734.

-212,642,121

Item

H12025

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

7.60

.77

3.3.1Appropriationtosurplusreserves

3.3.2Appropriationtogeneralreserve

3.3.3Appropriationtoowners(orshareholders)

-184,293,387.60

-28,348,734.17

-212,642,121.77

3.3.4Other

3.4Transferswithinowners’

-171,881,788.23

17,188,178.82

154,693,609.41

Item

H12025

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

equity

3.4.1Increaseincapital(orsharecapital)fromcapitalreserves

3.4.2Increaseincapital(orsharecapital)fromsurplusreserves

3.4.3Lossoffsetbysurplusreserves

3.4.4Changesindefinedbenefitschemes

Item

H12025

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

transferredtoretainedearnings

3.4.5Othercomprehensiveincometransferredtoretainedearnings

-171,881,788.23

17,188,178.82

154,693,609.41

3.4.6Other

3.5Specificreserve

705,009.82

2,487,636.40

3,192,646.22

3.5.1Increaseintheperiod

11,812,685.82

5,958,913.05

17,771,598.87

3.5.2Usedin

11,107,676.00

3,471,276.65

14,578,952.65

Item

H12025

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

theperiod

3.6Other

4.BalanceasattheendoftheReportingPeriod

1,535,778,230.00

843,517,955.90

425,383,074.84

5,487,071.02

167,285,701.79

3,740,440,128.62

6,717,892,162.17

3,627,920,651.95

10,345,812,814.12

H12024

Unit:RMB

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

1.Balance

1,548,778,230.00

914,336,325.66

82,165,144.15

360,027,027.59

1,213,325.92

107,944,679.06

3,435,308,364.11

6,285,442,808.19

3,485,954,680.86

9,771,397,489.05

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

asattheendoftheperiodofprioryear

Add:Adjustmentforchangeinaccountingpolicy

Adjustmentforcorrectionofpreviouserror

Otheradjustments

2.BalanceasatthebeginningoftheReportingPeriod

1,548,778,230.00

914,336,325.66

82,165,144.15

360,027,027.59

1,213,325.92

107,944,679.06

3,435,308,364.11

6,285,442,808.19

3,485,954,680.86

9,771,397,489.05

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

3.Increase/decreaseintheperiod(“-”fordecrease)

-22,203,388.92

3,194,038.76

7,935,794.78

-11,073,555.38

33,697,912.10

22,624,356.72

3.1Totalcomprehensiveincome

-22,203,388.92

192,229,182.38

170,025,793.46

60,650,387.65

230,676,181.11

3.2Capitalincreasedandreducedbyowners

3.2.1Ordinarysharesincreasedbyowners

3.2.2Capitalincreasedby

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

holdersofotherequityinstruments

3.2.3Share-basedpaymentsincludedinowners’equity

3.2.4Other

3.3Profitdistribution

-184,293,387.60

-29,139,436.44

-213,432,824.04

3.3.1Appropriationtosurplusreserves

3.3.2Appropria

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

tiontogeneralreserve

3.3.3Appropriationtoowners(orshareholders)

-184,293,387.60

-29,139,436.44

-213,432,824.04

3.3.4Other

3.4Transferswithinowners’equity

3.4.1Increaseincapital(orsharecapital)fromcapitalreserves

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

3.4.2Increaseincapital(orsharecapital)fromsurplusreserves

3.4.3Lossoffsetbysurplusreserves

3.4.4Changesindefinedbenefitschemestransferredtoretainedearnings

3.4.5Othercomprehensiveincometransferre

Item

H12024

EquityattributabletoownersoftheCompanyastheparent

Non-controllinginterests

Totalowners’equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Generalreserve

Retainedearnings

Other

Subtotal

Preferredshares

Perpetualbonds

Other

dtoretainedearnings

3.4.6Other

3.5Specificreserve

3,194,038.76

2,186,960.89

5,380,999.65

3.5.1Increaseintheperiod

4,940,359.02

3,049,660.90

7,990,019.92

3.5.2Usedintheperiod

1,746,320.26

862,700.01

2,609,020.27

3.6Other

4.BalanceasattheendoftheReportingPeriod

1,548,778,230.00

914,336,325.66

82,165,144.15

337,823,638.67

4,407,364.68

107,944,679.06

3,443,244,158.89

6,274,369,252.81

3,519,652,592.96

9,794,021,845.77

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

8.StatementsofChangesinOwners’EquityoftheCompanyastheParentH12025

Unit:RMB

Item

H12025

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

1.Balanceasattheendoftheperiodofprioryear

1,548,778,230.00

909,058,541.44

82,165,144.15

383,570,431.32

3,170,252.81

381,401,592.21

3,019,769,843.45

6,163,583,747.08

Add:Adjustmentforchangeinaccountingpolicy

Adjustmentforcorrectionofpreviouserror

Otheradjustments

2.BalanceasatthebeginningoftheReporting

1,548,778,230.00

909,058,541.44

82,165,144.15

383,570,431.32

3,170,252.81

381,401,592.21

3,019,769,843.45

6,163,583,747.08

Item

H12025

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

Period

3.Increase/decreaseintheperiod(“-”fordecrease)

-13,000,000.00

-69,165,144.15

-82,165,144.15

42,401,277.65

24,489.83

17,188,178.82

-4,173,165.46

55,440,780.84

3.1Totalcomprehensiveincome

214,283,065.88

25,426,612.73

239,709,678.61

3.2Capitalincreasedandreducedbyowners

-13,000,000.00

-69,165,144.15

-82,165,144.15

3.2.1Ordinarysharesincreasedbyowners

3.2.2Capitalincreasedbyholdersofotherequityinstruments

3.2.3Share-basedpaymentsincludedinowners’

Item

H12025

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

equity

3.2.4Other

-13,000,000.00

-69,165,144.15

-82,165,144.15

3.3Profitdistribution

-184,293,387.60

3.3.1Appropriationtosurplusreserves

3.3.2Appropriationtoowners(orshareholders)

-184,293,387.60

3.3.3Other

3.4Transferswithinowners’equity

-171,881,788.23

17,188,178.82

154,693,609.41

3.4.1Increaseincapital(orsharecapital)fromcapitalreserves

Item

H12025

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

3.4.2Increaseincapital(orsharecapital)fromsurplusreserves

3.4.3Lossoffsetbysurplusreserves

3.4.4Changesindefinedbenefitschemestransferredtoretainedearnings

3.4.5Othercomprehensiveincometransferredtoretainedearnings

-171,881,788.23

17,188,178.82

154,693,609.41

3.4.6Other

3.5Specificreserve

24,489.83

Item

H12025

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

3.5.1Increaseintheperiod

5,741,655.37

3.5.2Usedintheperiod

5,717,165.54

3.6Other

4.BalanceasattheendoftheReportingPeriod

1,535,778,230.00

839,893,397.29

425,971,708.97

3,194,742.64

398,589,771.03

3,015,596,677.99

6,219,024,527.92

H12024

Unit:RMB

Item

H12024

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

1.Balanceasattheendoftheperiodofprioryear

1,548,778,230.00

909,058,541.44

82,165,144.15

359,858,073.06

897,781.74

339,248,748.30

2,824,687,635.90

5,900,363,866.29

Add:

Item

H12024

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

Adjustmentforchangeinaccountingpolicy

Adjustmentforcorrectionofpreviouserror

Otheradjustments

2.BalanceasatthebeginningoftheReportingPeriod

1,548,778,230.00

909,058,541.44

82,165,144.15

359,858,073.06

897,781.74

339,248,748.30

2,824,687,635.90

5,900,363,866.29

3.Increase/decreaseintheperiod(“-”fordecrease)

-21,548,515.71

2,595,771.82

-48,683,269.30

-67,636,013.19

3.1Totalcomprehensiveincome

-21,548,515.71

135,610,118.30

114,061,602.59

3.2Capitalincreasedandreducedbyowners

Item

H12024

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

3.2.1Ordinarysharesincreasedbyowners

3.2.2Capitalincreasedbyholdersofotherequityinstruments

3.2.3Share-basedpaymentsincludedinowners’equity

3.2.4Other

3.3Profitdistribution

-184,293,387.60

3.3.1Appropriationtosurplusreserves

3.3.2Appropriationtoowners(or

-184,293,387.60

Item

H12024

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

shareholders)

3.3.3Other

3.4Transferswithinowners’equity

3.4.1Increaseincapital(orsharecapital)fromcapitalreserves

3.4.2Increaseincapital(orsharecapital)fromsurplusreserves

3.4.3Lossoffsetbysurplusreserves

3.4.4Changesindefinedbenefitschemestransferredto

Item

H12024

Sharecapital

Otherequityinstruments

Capitalreserves

Less:Treasurystock

Othercomprehensiveincome

Specificreserve

Surplusreserves

Retainedearnings

Other

Totalowners’equity

Preferredshares

Perpetualbonds

Other

retainedearnings

3.4.5Othercomprehensiveincometransferredtoretainedearnings

3.4.6Other

3.5Specificreserve

2,595,771.82

3.5.1Increaseintheperiod

4,106,091.11

3.5.2Usedintheperiod

1,510,319.29

3.6Other

4.BalanceasattheendoftheReportingPeriod

1,548,778,230.00

909,058,541.44

82,165,144.15

338,309,557.35

3,493,553.56

339,248,748.30

2,776,004,366.60

5,832,727,853.10

Legalrepresentative:WanShanChiefFinancialOfficer:ZengXiaojingPerson-in-chargeoftheCompany’saccountingorgan:LiYizhi

IIICompanyProfile(I)BasicinformationFoshanElectricalandLightingCo.,Ltd.(hereinafterreferredtoas“theCompany”),ajoint-stocklimitedcompanyjointlyfoundedbyFoshanElectricalandLightingCompany,NanhaiWuzhuangColorGlazedBrickField,andFoshanPoyangPrintingIndustrialCo.onOctober20,1992byraisingfundsundertheapprovalofYGS(1992)No.63DocumentissuedbytheJointExaminationGroupforExperimentalEnterprisesinStockSystemofGuangdongProvinceandtheEconomicSystemReformCommissionofGuangdongProvince,isanenterprisewithitssharesheldbyboththecorporateandthenaturalpersons.AsapprovedbyChinaSecuritiesRegulatoryCommissionwithDocument(1993)No.33,theCompanypubliclyissued19.3millionsharesofsocialpublicshares(Ashares)tothepublicinOctober1993,andwaslistedinShenzhenStockExchangefortradeonNovember23,1993.TheCompanywasapprovedtoissue50millionBsharesonJuly23,1995.And,asapprovedtochangeintoaforeign-investedstocklimitedcompanyonAugust26,1996by(1996)WJMZEHZNo.466DocumentissuedbytheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChina.OnDecember11,2000,asapprovedbyChinaSecuritiesRegulatoryCommissionwithZJGSZi[2000]No.175Document,theCompanyadditionallyissued55milionAshares.AtapprovedbytheShareholders’GeneralMeeting2006,2007,2008,2014and2017theCompanyimplementedtheplanofcapitalizationofcapitalreserve,afterthetransfer,theregisteredcapitaloftheCompanyhasincreasedtoRMB1,399,346,154.00.OnFebruary8,2022,theCompanycancelled37,351,507sharesheldintherepurchasespecialsecuritiesaccount(including18,952,995A-sharesand18,398,512B-shares).Uponthecancellationoftheshares,thetotalsharecapitaloftheCompanywaschangedfrom1,399,346,154sharesto1,361,994,647shares.TheCompany’sregisteredcapitalwaschangedtoRMB1,361,994,647.00.InAugust2023,uponapprovalbytheCSRC(Z.J.X.K.DocumentNo.1974[2023]),theCompanyissued186,783,583RMB-denominatedordinaryshares(A-shares)to13specificsubjects.TheseshareswerelistedontheShenzhenStockExchangeonDecember4,2023.Aftertheissuanceofshares,thetotalsharecapitaloftheCompanychangedfrom1,361,994,647sharesto1,548,778,230shares,andtheregisteredcapitaloftheCompanychangedtoRMBOneBillion,FiveHundredandForty-eightMillion,SevenHundredandSeventy-eightThousand,TwoHundredandThirty(RMB1,548,778,230.00).OnJanuary10,2025,theCompanycanceled13millionA-sharesheldintherepurchasespecialsecuritiesaccount.Followingthiscancellation,theCompany’stotalsharecapitalchangedfrom1,548,778,230sharesto1,535,778,230shares,andtheCompany’sregisteredcapitalchangedtoRMB1,535,778,230.00).CredibilitycodeoftheCompany:91440000190352575W.Legalrepresentative:WanShanCorporatedomicile:No.64,FenjiangNorthRoad,ChanchengDistrict,Foshan,GuangdongProvinceOfficeaddress:No.8,ZhihuiRoad,ChanchengDistrict,Foshan,GuangdongProvinceMainbusinessofthecompanyanditssubsidiaries(hereinafterreferredtoas“theCompany”):generallightingproducts,vehiclelampproducts,epitaxyandchipproducts,LEDpackagingandcomponentproducts,tradeandotherproducts.ThebusinesstermoftheCompanyislong-term,whichwascalculatedfromthedateofissuanceofLicenseofBusinessCorporation.(II)AuthorizedissueranddateofapprovalofthefinancialreportTheFinancialReportwasapprovedandauthorizedforissuebytheBoardofDirectorsonAugust27,2025.(III)ConsolidationscopeoffinancialstatementsTheconsolidationscopeofthefinancialstatementduringtheReportingPeriodincludingtheCompanyandFSLChanchangOptoelectronicsCo.,Ltd.(referredtoas“ChanchangCompany”),FoshanTaimeiTimesLampCo.,Ltd.(referredtoas“TaimeiCompany”),NanjingFozhaoLightingComponentsCo.,Ltd.(referredtoas“NanjingFozhao”),FSL(Xinxiang)LightingCo.,Ltd.(referredtoas“XinxiangCompany”),FoshanFozhaoZhichengTechnologyCo.,Ltd.(referredtoas“ZhichengCompany”),FSLZhidaElectricTechnologyCo.,Ltd

(referredtoas“ZhidaCompany”),FoshanHortiliteOptoelectronicsCo.,Ltd.(referredtoas“HortiliteCompany”),Fozhao(Hainan)TechnologyCo.,Ltd.(referredtoas“HainanTechnology”),FoshanKelianNewEnergyTechnologyCo.,Ltd.(referredtoas“FoshanKelian”),NanningLiaowangAutoLampCo.,Ltd.(referredtoas“LiaowangAutoLamp),FoshanNationStarOptoelectronicsCo.,Ltd.(referredtoas“NationStarOptoelectronics”),FoshanSigmaVentureCapitalCo.,Ltd.(referredtoas“Sigma”),FozhaoHuaguang(Maoming)TechnologyCo.,Ltd.(referredtoas“FozhaoHuaguang”)andBeijingAirtrustAviationTechnologyCo.,Ltd.(referredtoas“BeijingAirtrust”)intotal14subsidiariesandLiuzhouGuigeLightingTechnologyCo.,Ltd.(referredtoas“LiuzhouLighting”),LiuzhouGuigeForeshineTechnologyCo.,Ltd.(referredtoas“LiuzhouForeshine”),ChongqingGuinuoLightingTechnologyCo.,Ltd.(referredtoas“ChongqingGuinuo”),QingdaoGuigeLightingTechnologyCo.,Ltd.(referredtoas“QingdaoLighting”),IndonesiaLiaowangAutoLampCo.,Ltd.(referredtoas“IndonesiaLiaowang”),LiaowangAutoLamp(Suzhou)Co.,Ltd.(“SuzhouLiaowang”),ZhejiangHuleElectricEquipmentManufactureCo.,Ltd.(“HuleElectricEquipment”),FoshanNationStarElectronicManufacturingCo.,Ltd.(referredtoas“GuoxingElectronic”),FoshanNationStarSemiconductorCo.,Ltd.(referredtoas“NationStarSemiconductor”),NanyangBaoliVanadiumIndustryCo.,Ltd.(referredtoas“BaoliVanadiumIndustry”),GuangdongNewElectronicInformationLtd.(referredtoas“NewElectronic”),NationStarOptoelectronics(Germany)Co.,Ltd.(referredtoas“GermanyNationStar”),GuangdongFenghuaSemiconductorTechnologyCo.,Ltd.(referredtoas“FenghuaSemiconductor”),GaozhouNationStarLightingTechnologyCo.,Ltd.(referredtoas“GaozhouNationStar”),Airstar(Tianjin)LightingCo.,Ltd.(referredtoas“Airstar”)andFSL(Thailand)LightingTechnologyCo.,Ltd.(referredtoas“ThailandCompany”)intotal16sub-subsidiary.Additionally,theCompanyhas1subsidiaryofasub-subsidiary,whichisShanghaiLelaiteElectricalEquipmentCo.,Ltd.(“ShanghaiLeilite”).GiventhatNanyangBaoliVanadiumIndustryCo.,Ltd.(BaoliVanadium)isinastateofnon-continuingoperations,theFinancialStatementsH12025ofBaoliVanadiumwereformulatedatfairvalueorcostswhicheverwaslower.TheCompanyhad31subsidiariesincludedintheconsolidationscopeduringthecurrentperiod.SeeNotes“IXChangesinthescopeofconsolidationand“XInterestsinotherentities”fordetails.IVBasisforPreparationofFinancialStatements

1.PreparationBasisTheCompany’sfinancialstatementsarepreparedonagoingconcernbasis,basedontransactionsandeventsthatactuallyoccur,inaccordancewiththeprovisionsoftheAccountingStandardsforBusinessEnterprises-BasicGuidelinesandspecificaccountingstandardsissuedbytheMinistryofFinance(hereinafterreferredtoas“ASBEs”),aswellastherelevantprovisionsofNo.15oftheRulesGoverningthePreparationofInformationDisclosuresbyCompaniesOfferingSecuritiestothePublic-GeneralProvisionsonFinancialReportingoftheChinaSecuritiesRegulatoryCommissionandonthebasisofthesignificantaccountingpoliciesandaccountingestimatesformulated.

2.GoingConcernTheCompanyhastheabilitytocontinueasagoingconcernforatleast12monthsfromtheendoftheReportingPeriodandtherearenomaterialmattersaffectingitsabilitytocontinueasagoingconcern.VImportantAccountingPoliciesandEstimationsRemindersofthespecificaccountingpoliciesandaccountingestimations:

ThefollowingsignificantaccountingpoliciesandaccountingestimatesoftheCompanyhavebeenformulatedinaccordancewithASBEs.OperationsnotmentionedaretreatedinaccordancewiththerelevantaccountingpoliciesintheASBE.

1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprisesThefinancialstatementspreparedbytheCompanyareincompliancewiththeAccountingStandardsforBusinessEnterprises,whichfactuallyandcompletelypresenttheCompany’sandtheconsolidatedfinancialpositions,businessresultsandcashflows,aswellasotherrelevantinformationoftheCompany.

2.FiscalYearAfiscalyearstartsonJanuary1andendsonDecember31accordingtotheGregoriancalendar.

3.OperatingCycleAnoperatingcyclefortheCompanyis12months,whichisalsotheclassificationcriterionfortheliquidityofitsassetsandliabilities.

4.RecordingCurrencyRenminbiistherecordingcurrencyforthestatementsoftheCompany.

5.MethodsforDeterminingMaterialityStandardsandSelectionCriteria?Applicable□Notapplicable

1.MaterialityoffinancialstatementitemsTheCompanydeterminesthematerialityoffinancialstatementitemsbasedontheprincipleofwhethersuchitemsaffecttheusersoffinancialstatementsmakingeconomicdecisionsintermsofboththenatureandamount.Thematerialityoffinancialstatementitemsintermsoftheamountisdeterminedbasedonacertainpercentageofrelevantitemsintotalassets,totalliabilities,netassets,operatingincome,andnetprofit.ThematerialityoffinancialstatementitemsintermsofnatureisbasedonfactorswithasignificantimpactontheCompany’sfinancialpositionandoperatingresults,suchaswhethertheyarepartofroutineoperatingactivities,whethertheyresultinchangesinprofitorloss,andwhethertheyaffectregulatoryindicators.

2.MaterialityofdetaileditemsinthenotestofinancialstatementitemsTheCompanydeterminesthematerialityofdetaileditemsinthenotestofinancialstatementitemsbasedonthematerialityofthefinancialstatementitems.Thisdeterminationismadebyconsideringacertainpercentageofthespecificitem,oracombinationoftheamountoftheitem,takingintoaccountthenatureofthespecificitem.Certainitemsthatarenotmaterialtothefinancialstatementsmaybematerialtothenotesandstillrequireseparatedisclosureinthenotes.Thematerialitycriteriarelatedtothenotestothefinancialstatementitemsare:

Item	Materialitycriteria
Significantaccountsreceivablewithbaddebtprovisionseparatelyaccrued	Theindividualamountaccountsformorethan10%oftheaccountreceivableorbaddebtprovision,andtheamountexceedsRMB10million.
Baddebtprovisionofaccountsreceivablecollectedorreversedwithsignificantamountinthisyear	Individualamountaccountsformorethan10%ofthecurrentreversalofbaddebtprovision,andtheamountexceedsRMB10million.
Significantverificationofaccountsreceivableinthisyear	Theindividualamountaccountsformorethan10%oftheaccountreceivableorbaddebtprovision,andtheamountexceedsRMB10million.

Significantconstructioninprogress	Theendingbalanceofanindividualconstructioninprogressaccountsformorethan10%,andtheamountexceedsRMB50million.
Significantaccountspayable/otherpayablesoveroneyear	Theindividualamountaccountsformorethan10%ofaccountspayableover1year/otherpayables,andtheamountexceedsRMB10million.
Significantcashflowsgeneratedfrominvestmentactivities	Cashflowsofanindividualinvestmentaccountsformorethan3%ofthenetassetsattheperiod-end,andtheamountexceedsRMB100million.
Significantnon-wholly-ownedsubsidiary	Minorityshareholdersholdmorethan5%interestandanyoftheitemsoftotalassets,netassets,operatingrevenuesandnetprofitsofthesubsidiaryaccountsformorethan10%ofthecorrespondingitemsintheconsolidatedfinancialstatements.
Significantjointventuresorassociatedenterprises	Theinvestmentincomegeneratedfromjointventuresorassociatedenterprises(Thelossiscalculatedinabsoluteterms)accountsformorethan10%ofthenetprofitofconsolidatedfinancialstatements.
Significantdebtreorganization	Theinfluenceofindividualamountonnetprofitexceeds10%.
Significantcommitments	TheamountofanindividualcommitmentexceedsRMB10million.
Significantcontingency	TheamountofmoneyinvolvedincasesexceedsRMB10million.

6.AccountingMethodsforBusinessCombinationInvolvingEnterprisesunderandnotundertheSameControl

1.BusinesscombinationunderthesamecontrolIncaseofalong-termequityinvestmentresultingfromabusinesscombinationunderthesamecontrol,iftheacquirerpayscash,transfersnon-cashassets,assumesdebtsasmergerconsideration,theshareoftheCompany’sequityoftheacquireeobtainedoncombinationdateinthecarryingvalueofthefinancialstatementsoftheultimatecontrollingpartyisdeemedasaninitialinvestmentcostoflong-termequityinvestments.Iftheacquirerissuesequityinstrumentsasconsiderationforacombination,thetotalparvalueofthesharesissuedistreatedasequity.Thedifferencebetweentheinitialinvestmentcostofalong-termequityinvestmentandthecarryingamountoftheconsiderationforconsolidation(orthetotalnominalvalueofsharesissued)shallbeadjustedtocapitalsurplus;ifcapitalsurplusisnotsufficienttooffsetthedifference,retainedearningsshallbeadjusted.

2.BusinesscombinationnotinvolvingentitiesunderthesamecontrolIncaseofbusinesscombinationinvolvingenterprisesnotunderthesamecontrol,thecombinationcostsshallbethetotalfairvaluesoftheassetspaid,liabilitiesincurredorassumedandtheequitysecuritiesissuedonthedateofacquisitionbytheacquirerinexchangeforcontrolontheacquiree.Identifiableassets,liabilitiesandcontingentliabilitiesoftheacquireeacquiredinabusinesscombinationnotunderthesamecontrolthatqualifyforrecognitionaremeasuredatfairvalueonthedateofacquisition.Theacquirerrecognizesasgoodwillthedifferencebetweenthecombinationcostsandthefairvalueshareoftheidentifiablenetassetsoftheacquireeobtainedinthecombination.Ifthecombinationcostsarelessthanthefairvalueshareoftheacquiree’sidentifiablenetassetsobtainedinthecombination,thedifferencebetweenthecombinationcostsstilllessthanthefairvalueshareoftheacquiree’sidentifiablenetassetsobtainedinthecombinationafterreviewshallbeincludedinthenon-operatingrevenueforthecurrentperiod.

7.CriteriaforJudgingControlandMethodsforPreparingConsolidatedFinancialStatements

1.JudgmentcriteriaforcontrolThescopeofconsolidationoftheconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.Aninvesteeisconsideredtobecontrolledifthefollowingthreeelementsarepresent:thepossessionofpowerovertheinvestee,theenjoymentofvariablereturnsasaresultofparticipatingintherelevantactivitiesoftheinvestee,andtheabilitytousethepowerovertheinvesteetoaffecttheamountofreturns.

2.Preparationmethodsforconsolidationfinancialstatements

(1)Unificationofaccountingpolicies,balancesheetdatesandaccountingperiodsofparentandsubsidiarycompaniesIftheaccountingpoliciesandaccountingperiodadoptedbythesubsidiariesareinconsistentwiththoseoftheCompany,necessaryadjustmentsaremadeinaccordancewiththeaccountingpoliciesandaccountingperiodoftheCompanywhenpreparingtheconsolidatedfinancialstatements.

(2)OffsettingitemsintheconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsarebasedonthefinancialstatementsoftheCompanyanditssubsidiariesandhavebeenoffsetbyinternaltransactionsthatoccurredbetweentheCompanyanditssubsidiariesandbetweensubsidiaries.Theshareofowners’equityofsubsidiariesthatdonotbelongtotheCompanyispresentedasminorityinterestsintheconsolidatedbalancesheetundertheitemofshareholders’equityas“minorityinterests”.Long-termequityinvestmentsheldbysubsidiariesaredeemedastheCompany’streasurystockandpresentedasadeductionfromshareholders’equityintheconsolidatedbalancesheetundertheitem“Less:treasurystock”.

(3)AccountingtreatmentoftheacquisitionofsubsidiariesthroughconsolidationForsubsidiariesacquiredthroughabusinesscombinationundercommoncontrol,theassets,liabilities,operatingresults,andcashflowsareincludedintheconsolidatedfinancialstatementsfromthebeginningoftheperiodofconsolidationasifthebusinesscombinationhadoccurredatthetimetheultimatecontrollingpartybegantoexercisecontrol;forsubsidiariesacquiredthroughabusinesscombination,notunderthesamecontrol,thefairvalueoftheidentifiablenetassetsontheacquisitiondateisusedasthebasisforpreparingtheconsolidatedfinancialstatements.Thefinancialstatementsareadjustedbasedonthefairvalueoftheidentifiablenetassetsontheacquisitiondate.

(4)AccountingtreatmentofdisposalofsubsidiariesIfalong-termequityinvestmentinasubsidiaryispartiallydisposedofwithoutlossofcontrol,thedifferencebetweenthedisposalpriceandtheshareofthenetassetsofthesubsidiarycorrespondingtothedisposalofthelong-termequityinvestmentcalculatedonanongoingbasisfromtheacquisitiondateortheconsolidationdateisadjustedtocapitalsurplusintheconsolidatedfinancialstatements,andretainedearningsisadjustedifthecapitalsurplusisnotsufficienttocoverthereduction.Ifthecontrolovertheinvesteeislostduetothedisposalofpartofequityinvestments,theresidualequityarere-measuredatfairvalueonthedateoflossofcontrol.Theaggregateoftheconsiderationobtainedbydisposingoftheequityandthefairvalueoftheremainingequitylesstheportionofthenetassetsofthesubsidiarythathasbeenmeasured,ascalculatedattheoriginalshareholdingproportion,fromtheacquisitiondateorcombinationdateisrecognizedinprofitandlossofthecurrentperiodoninvestmentsinwhichthecontrolislost,andgoodwillshallbeoffset.OthercomprehensiveincomerelatedtotheequityinvestmentsintheformersubsidiaryshallbeincludedinthereturnoninvestmentforthecurrentperiodwhentheCompanylostthecontrol.

8.ClassificationofJointOperationArrangementsandAccountingMethodsforJointOperations

1.ClassificationofjointarrangementsJointarrangementsaredividedintojointoperationsandjointventures.Thejointarrangementsnotreachedthroughseparateentitiesareclassifiedasjointoperations.Separateentitiesrefertoentitieswithseparateidentifiablefinancialstructures,includingseparatelegalentitiesandentitiesthatdonothavelegalentitystatusbutarerecognizedbylaw.Thejointarrangementsreachingthroughseparateentitiesareusuallyclassifiedasjoint

ventures.Wherechangesinrelevantfactsandcircumstancesresultinchangesintherightsandobligationsofthejointventurepartiesinthejointventurearrangement,thejointventurepartiesshallreassesstheclassificationofthejointventurearrangement.

2.AccountingtreatmentofjointoperationsAsaparticipantinajointoperation,theCompanyrecognizesthefollowingitemsrelatedtoitsshareofinterestinthejointoperations.ItaccountsforthemfollowingtherelevantAccountingStandardsforBusinessEnterprises:

Recognitionofassetsorliabilitiesheldseparately,andrecognitionofassetsorliabilitiesheldjointlyonasharebasis;recognitionofrevenuefromthesaleoftheshareofoutputfromthejointoperationtowhichitisentitled;recognitionofrevenuefromthejointoperationarisingfromthesaleofoutputonasharebasis;andrecognitionofexpensesincurredseparately,andrecognitionofexpensesincurredinthejointoperationonasharebasis.IftheCompanyisaparticipantinajointoperationthatdoesnotenjoyjointcontrol,anditownstheunderlyingassetsofthejointoperationandassumestheliabilitiesrelatedtothejointoperation,theaccountingtreatmentofthejointoperationpartnershallbereferredto;otherwise,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantenterpriseaccountingstandards.

3.AccountingtreatmentofjointventuresIftheCompanyisajointventurepartner,itshallaccountforitsinvestmentinjointventuresfollowingtheprovisionsofAccountingStandardsforBusinessEnterprisesNo.2-Long-termEquityInvestments;iftheCompanyisanon-jointventurepartner,itshallaccountforitsinvestmentinsuchjointventuresbasedontheextentofitsinfluenceonsuchjointventures.

9.RecognitionCriteriaofCashandCashEquivalentsCash,asdeterminedbytheCompanyinpreparingthestatementofcashflows,representstheCompany’scashonhandanddepositsthatarereadilyavailablefordisbursement.Cashequivalentsidentifiedinthepreparationofthestatementofcashflowsareinvestmentsthatareheldforashortperiodoftime,arehighlyliquid,arereadilyconvertibletoknownamountsofcashandaresubjecttoaninsignificantriskofchangeinvalue.

10.TranslationofTransactionsandFinancialStatementsDenominatedinForeignCurrencies

1.ConversionofforeigncurrencybusinessTheCompanyrecordsforeigncurrencytransactionsusingthespotexchangerateonthetransactiondateorthenearestexchangeratetothetransactiondatetoconvertintothefunctionalcurrency.Onthebalancesheetdate,themonetaryitemsinforeigncurrenciesaretranslatedatthespotexchangerate.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthatdateandthespotrateatinitialrecognitionoronthepreviousbalancesheetdatearerecognizedinprofitorloss,exceptforexchangedifferencesonspecialborrowingsinforeigncurrenciesthatqualifyforcapitalization,whicharecapitalizedintheperiodinwhichtheyarecapitalizedandchargedtothecostoftherelatedassets.Non-monetaryitemsmeasuredathistoricalcostsinforeigncurrenciesarestilltranslatedatthespotexchangerateonthetransactiondatewiththeamountofstandardcurrencyforaccountingunchanged.Non-monetaryitemsmeasuredatfairvalueinforeigncurrenciesaretranslatedatthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweentheamountofstandardcurrencyforaccountingaftertranslationandtheoriginalamountshallbetreatedasachangeinfairvalue(includingexchangeratechanges)andrecognizedincurrentprofitorlossorinothercomprehensiveincome.

2.ConversionofforeigncurrencyfinancialstatementsIftheCompany’ssubsidiaries,jointventures,andaffiliatedbusinessuseadifferentbookkeepingbasecurrencyfromtheCompany’s,theyneedtoconverttheirforeigncurrencyfinancialstatementsbeforeconductingaccountingandpreparingconsolidatedfinancialstatements.Theassetsandliabilitiesinthebalancesheetshallbetranslatedatthespotrateonthebalancesheetdate.Allitemsofowners’equity,exceptfor“undistributedprofit”,shallbetranslatedatthespotexchangerateatthetimeofoccurrence.Itemsunderrevenueandexpensesintheincomestatementaretranslatedatthespotexchangerateonthetransactiondate.Theexchangedifferenceintranslatingforeignoperationsarisingfromthetranslationareshownunderothercomprehensiveincomeintheowner’sequitylineinthebalancesheet.Cashflowsinforeigncurrenciesshallbetranslatedatthespotexchange

rateonthedateofoccurrenceofthecashflows.Theimpactofexchangeratechangesoncashispresentedseparatelyinthecashflowstatement.Whenanoverseasoperationisdisposedof,theforeigncurrencystatementtranslationdifferencerelatedtotheoverseasoperationistransferredtothecurrentprofitandlossofthedisposalinfullorinproportiontothedisposaloftheoverseasoperation.

11.FinancialInstruments

1.Classification,recognitionandmeasurementoffinancialinstruments

(1)FinancialassetsBasedonthebusinessmodelformanagingfinancialassetsandthecontractualcashflowcharacteristicsoffinancialassets,theCompanyclassifiesitsfinancialassetsintothefollowingthreecategories:

a)Financialassetsaremeasuredattheamortizedcost.ThebusinessmodeloftheCompanyformanagingsuchfinancialassetsaimsatobtainingcontractualcashflow,andthecharacteristicsofcontractualcashflowofsuchfinancialassetsarebasicallythesameasbasicborrowingarrangement,namelythecashflowarisingonaspecificdate,whicharesolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Interestincomeissubsequentlyrecognizedonsuchfinancialassetsonthebasisoftheeffectiveinterestmethod.b)FinancialassetsatfairvalueandchangesincludedinothercomprehensiveincomeThebusinessmodeloftheCompanyformanagingsuchfinancialassetsaimsatreceivingcontractualcashflowaswellasselling,andthecharacteristicsofcontractualcashflowofsuchfinancialassetsarebasicallythesameasbasicborrowingarrangement.Suchfinancialassetsaresubsequentlymeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,exceptforinterestincome,impairmentlossesorgainscalculatedinaccordancewiththeeffectiveinterestmethodandforeignexchangegainsorlossesrecognizedinthecurrentprofitorloss.c)FinancialassetsmeasuredatfairvaluethroughprofitorlossforthecurrentperiodFinancialassetsheldthatarenotclassifiedasatamortizedcostandatfairvaluethroughothercomprehensiveincomearemeasuredatfairvalue,withgainsorlosses(includinginterestanddividendincome)recognizedinprofitorlossforthecurrentperiod.Oninitialrecognition,afinancialassetmaybeirrevocablydesignatedasfinancialassetatfairvaluethroughprofitorlossiftheaccountingmismatchcanbeeliminatedorreduced.Thedesignationshallnotberevokedoncemade.Forinstrumentsinnon-businessequityinstruments,theCompanymayirrevocablyassignsuchinvestmentsasfinancialassets(equityinstruments)measuredatfairvaluethroughothercomprehensiveincomeatinitialrecognition.Theassignmentismadebasedoninvestmentsbyitem,andtherelevantinvestmentsmeetthedefinitionofanequityinstrumentfromtheissuer’sperspective.Suchfinancialassetsaresubsequentlymeasuredatfairvalue,andexceptfordividendsreceived(exceptfortheportionwhichformspartofinvestmentcostrecovered),whicharerecognizedinprofitorloss,allotherrelatedgainsandlossesarerecognizedinothercomprehensiveincomeandarenotsubsequentlytransferredtocurrentprofitorloss.

(2)FinancialliabilitiesOninitialrecognition,financialliabilitiesareclassifiedintothefollowingcategories:

a)Financialliabilitiesmeasuredatfairvaluethroughprofitandlossforthecurrentperiod.Suchfinancialliabilitiesaresubsequentlymeasuredatfairvalue,andtheresultinggainsorlossesarerecognizedinprofitorlossforthecurrentperiod.b)Financialliabilitiesthatarisewhenatransferofafinancialassetdoesnotqualifyforderecognitionorwhenthecontinuinginvolvementapproachapplies.c)Financialliabilitiesmeasuredatamortizedcost.Suchfinancialliabilitiesaremeasuredatamortizedcostusingtheeffectiveinterestmethod.

2.MethodforrecognizingthefairvalueoffinancialinstrumentsForafinancialinstrumentwithanactivemarket,itsfairvalueisdeterminedbyitsquotedpriceintheactivemarket;forafinancialinstrumentwithoutanactivemarket,itsfairvalueisdeterminedbyvaluationtechniques.Underlimitedcircumstances,iftheinformationusedtodeterminefairvalueisinsufficient,oriftherangeof

possibleestimatesoffairvalueiswideandthecostrepresentsthebestestimateoffairvaluewithinthatrange,thecostmayrepresentitsappropriateestimateoffairvaluewithinthatrangeofdistribution.TheCompanyusesallinformationavailableaftertheinitialrecognitiondateabouttheinvestee’sperformanceandoperationstodeterminewhetherthecostrepresentsfairvalue.

3.DerecognitionoffinancialinstrumentsAfinancialassetisderecognizedwhenoneofthefollowingconditionsismet:(1)thecontractualrighttoreceivecashflowsfromthefinancialassetisterminated;(2)thefinancialassetistransferredandtheconditionsforderecognitionaremet.Ifthepresentobligationofafinancialliabilityisdischargedinwholeorinpart,thedischargedportionisderecognized.Ifanexistingliabilityisreplacedbyanotherfinancialliabilityfromthesamecreditoronsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,theexistingfinancialliabilityisderecognizedandanewfinancialliabilityisrecognizedsimultaneously.Allregularacquisitionsorsalesoffinancialassetsarerecognizedandderecognizedonatransactiondatebasis.

12.NotesReceivableThedeterminationmethodsandaccountingmethodsofnotesreceivablearedetailedinNoteV-13.AccountsReceivable.

13.AccountsReceivable

1.MeasurementofexpectedcreditlossTheCompanyusesexpectedcreditlossesasthebasisforimpairmentaccountingandrecognizesanallowanceforbaddebtsforfinancialassetsmeasuredatamortizedcost(includingaccountsreceivable,includingnotesreceivableandaccountsreceivable),financingreceivables,leasereceivables,andotherreceivables.

2.RecognitionmethodforexpectedcreditlossesThegeneralapproachtoexpectedcreditlossesisthat:theCompanyassesseswhetherthecreditriskoftherelevantfinancialinstrumentshasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetdate,dividestheprocessofcreditimpairmentoffinancialinstrumentsintothreestages,andappliesdifferentaccountingtreatmentstotheimpairmentoffinancialinstrumentsatdifferentstages:(1)inthefirststage,ifthecreditriskofafinancialinstrumenthasnotincreasedsignificantlysincetheinitialrecognition,theCompanywillmeasurethelossreservesaccordingtotheamountequivalenttotheexpectedcreditlossesinthenext12months,andcalculatetheinterestrevenueaccordingtothebookbalance(i.e.,beforedeductingtheprovisionforimpairment)andtheactualinterestrate;(2)Inthesecondstage,ifthecreditriskofafinancialinstrumenthasincreasedsignificantlysincetheinitialrecognitionbutnocreditimpairmenthasoccurred,theCompanywillmeasurethelossreservesbasedontheexpectedcreditlossovertheentirelifeofthefinancialinstrumentandcalculatesinterestrevenuebasedonthecarryingamountofthefinancialinstrumentandtheeffectiveinterestrate;

(3)Inthethirdstage,ifcreditimpairmentoccursaftertheinitialrecognition,theCompanywillmeasurethelossreservesbasedontheexpectedcreditlossoverthelifeofthefinancialinstrumentandcalculatesinterestrevenuebasedontheamortizedcost(carryingamountlessprovisionforimpairment)andtheeffectiveinterestrate.Thesimplifiedapproachforexpectedcreditlossesistoalwaysmeasuretheallowanceforlossesatanamountequaltotheexpectedcreditlossesthroughouttheirlives.

3.AccountingmethodsoftheexpectedcreditlossesToreflectthechangesincreditriskoffinancialinstrumentssinceinitialrecognition,theCompanyremeasuresexpectedcreditlossesateachbalancesheetdate.Theresultingincreaseorreversalamountofthelossprovisionshouldberecognizedasanimpairmentlossorgaininprofitorlossandoffsetagainstthecarryingamountofthefinancialassetasstatedinthebalancesheetorincludedinprojectedliabilities,dependingonthetypeoffinancialinstrument(loancommitmentsorfinancialguaranteecontracts).

4.Methodoftheprovisionforlossesonthemeasurementofreceivables,leasereceivables

(1)Receivableswithnosignificantfinancingcomponent.ForreceivablesarisingfromtransactionsgovernedbyAccountingStandardforBusinessEnterprisesNo.14-Revenuethatdonothaveasignificantfinancingcomponent,theCompanyusesasimplifiedapproachwherebytheallowanceforlossesisalwaysmeasuredonthebasisofexpectedcreditlossesthroughouttheirlives.a)Accountsreceivableofexpectedcreditlosseswithdrawnindividually

Rationaleforasingleprovisionforexpectedcreditlosses	Objectiveevidenceofimpairment
Individualaccrualsforexpectedcreditlosses	Theimpairmenttestsareconductedseparatelyforaccountsreceivableindividuallyaccrued.Animpairmentlossisrecognizedbasedonthedifferencebetweenthepresentvalueoffuturecashflowsandtheircarryingamount,andanexpectedcreditlossisrecorded

2)AccountsReceivablewithExpectedCreditLossesProvisionBasedonCreditRiskPortfolio

Portfolioname	Basisforportfoliorecognition	Determinationmethodofexpectedcreditlosses
Businessportfolioofgenerallightingandautolamps

Generallighting,autolampsandotherrelevantbusinesswiththeCompanyastheparentandthesubsidiaryLiaowangAutoLampastherepresentative,thisportfoliotakestheagingofaccountsreceivableasthecreditriskcharacteristics

		Preparethecomparativelistbetweenagingofaccountsreceivableandexpectedcreditlossrateovertheentirelifeandcalculatetheexpectedcreditlossbyconsultinghistoricalexperienceincreditlosses,combiningcurrentsituationandpredictionforfutureeconomicsituation.
BusinessportfolioofLEDpackagingandcomponents	LEDpackaging,componentsandotherrelevantbusinesswiththesubsidiaryNationStarOptoelectronicsastherepresentative,thisportfoliotakestheagingofaccountsreceivableasthecreditriskcharacteristics	Preparethecomparativelistbetweenagingofaccountsreceivableandexpectedcreditlossrateovertheentirelifeandcalculatetheexpectedcreditlossbyconsultinghistoricalexperienceincreditlosses,combiningcurrentsituationandpredictionforfutureeconomicsituation.
Internalbusinessportfolio	Relatedpartiesandinternaltransactions	Othermethods

NotesReceivableforwhichtheExpectedCreditLossiswithdrawnbyCreditRiskCharacteristics

Portfolioname	Basisforportfoliorecognition	Determinationmethodofexpectedcreditlosses
Portfolio1	Bankacceptancebill	Lowcreditriskwithnoprovisionforbaddebts
Portfolio2	Tradeacceptance	Preparethecomparativelistbetweenagingofaccountsreceivableandexpectedcreditlossrateovertheentirelifeandcalculatetheexpectedcreditlossbyconsultinghistoricalexperienceincreditlosses,combiningcurrentsituationandpredictionforfutureeconomicsituation.

Theaginganalysesarebasedontheirdateofentryintotheaccounts.Amongportfolios,expectedcreditlossesaccruedbyaginganalysis:

Aging	Expectedcreditlossrate
Aging	Businessportfolioofgenerallightingandautolamps	BusinessportfolioofLEDpackagingandcomponents
Within1year(including1year)	3%	2%
1to2years	10%	10%
2to3years	30%	30%
3to4years	50%	50%
4to5years	80%	80%
Over5years	100%	100%

Forreceivableswithsignificantfinancingcomponentsandleasereceivables,theCompanymeasurestheprovisionforlossesinaccordancewiththegeneralmethod,i.e.,the“three-stage”model.Thecreditriskcharacteristicsgrouping,theagingcalculationmethodbasedonthecreditriskcharacteristicsgrouping,andthecriteriafordeterminingindividualprovisioningareconsistentwiththerecognitionstandardsforthosewithoutfinancingcomponents.

5.MethodofmeasuringlossprovisionforotherfinancialassetsForfinancialassetsotherthanthosementionedabove,suchasdebtinvestments,otherdebtinvestments,otherreceivablesandlong-termreceivablesotherthanleasereceivables,theCompanymeasurestheallowanceforlossesinaccordancewiththegeneralmethod,i.e.the“three-stage”model.

(1)CategoriesofbaddebtprovisionaccordingtocreditriskcharacteristicsandbasisofdeterminationTheCompanydividesotherreceivablesintocertaincreditriskcombinationsbasedonthenatureoftheamounts.Itcalculatesexpectedcreditlossesbasedonthecombinations,andthebasisfordeterminingthecombinationsisasbelow:

Portfolioname	Determinationbasis
Porfolio1:Deposit,securitydeposit	Basedonnatureofaccounts
Porfolio2:Amountsfromrelatedparties	Basedonnatureofaccounts
Porfolio3:Advancesonbehalfofothers	Basedonnatureofaccounts

(2)AgingcalculationmethodforrecognizingcreditriskcombinationsbasedonagingRefertothedescriptionofreceivableswithnosignificantfinancingcomponents.

(3)CriteriafordeterminingthebaddebtprovisionbasedonindividualitemsRefertothedescriptionofreceivableswithnosignificantfinancingcomponents.

14.AccountsReceivableFinancingThedeterminationmethodsandaccountingmethodsofreceivablesfinancingaredetailedinNoteV-13.AccountsReceivable.

15.OtherReceivablesThedeterminationmethodsandaccountingmethodsofexpectedcreditlossesofotherreceivablesisthesameasthatofaccountsreceivable,asdetailedinNoteV-13.AccountsReceivable.

16.ContractAssetsTheCompanypresentstherighttoreceiveconsiderationforgoodsorservicesthathavebeentransferredtothecustomer(andwhichisdependentonfactorsotherthantime-lapse)asacontractasset.Theprovisionforimpairmentofcontractassetsismadewithreferencetothemethodofdeterminingexpectedcreditlossesinthisnote.Contractassetsarecategorizedintothefollowingportfoliosaccordingtocreditriskcharacteristics:

Portfolio	Determinationbasis
Portfolio1:Generallightingandlampsbusinessportfolio	Generallighting,automotivelampsandrelatedbusinessesrepresentedbytheparentcompanyanditssubsidiaryLiaowangAutoLamp.Thisportfoliousestheagingofaccountsreceivableasthecreditriskcharacteristic.
Portfolio2:LEDpackagingandcomponentsbusinessportfolio	LEDpackaging,componentsandotherrelatedbusinessesrepresentedbysubsidiaryNationStarOptoelectronics.Thisportfoliousestheagingofaccountsreceivableasthecreditriskcharacteristic
Portfolio3:Internalbusinessportfolio	Thisportfolioinvolvesrelated-partytransactionsandinternaltransactions

17.Inventory

1.ClassificationofinventoriesInventoriesrefertotheCompany’sfinishedgoodsorcommoditiesforsaleheldindailyactivities,unfinishedgoodsinmanufacturingprocess,andmaterialsandsuppliesconsumedinprocessofmanufacturingproductsorprovidingservices,etc.Inventoriesmainlyincluderawmaterials,circulatingmaterials(suchaspackagingmaterials,low-valueconsumables,etc.),materialsforentrustedprocessing,work-in-progress,self-manufacturedsemi-finishedproducts,andfinishedgoods(inventorygoods).

2.PricingmethodofissuinginventoriesWheninventoryisissued,theCompanyusestheweightedaveragemethodtodeterminetheactualcostoftheinventoryissued.

3.InventorysystemofinventoriesTheperpetualinventorysystemisadoptedfortheinventoriesoftheCompany.

4.Amortizationoflow-valueconsumablesandpackingmaterialsTheone-offcharge-offmethodisusedforlow-valueconsumablesandpackagingmaterials.

5.CriteriaforRecognizingandAccrualmethodofprovisionfordeclineinvalueofinventoriesNetrealizablevaluereferstotheamountafterdeductingthecostestimateduntilcompletion,estimatedsellingexpenses,andrelevanttaxesfromtheestimatedsellingpriceoftheinventory.TheCompanydeterminesthenetrealizablevalueofinventoriesbasedonsolidevidenceobtainedandaftertakingintoconsiderationthepurposeforwhichtheinventoryisheld,andtheimpactofpost-balancesheetevents.Thenetrealizablevalueoffinishedgoods,materialsforsale,andothermerchandiseinventoriesuseddirectlyforsaleisdeterminedinthenormalcourseofproductionandoperationastheestimatedsellingpriceofsuchinventories,lessestimatedsellingexpenses,andrelatedtaxes.Thenetrealizablevalueofmaterialinventoriessubjecttoprocessingisdeterminedinthenormalcourseofproductionoperationsastheestimatedsellingpriceofthefinishedgoodsproduced,lesstheestimatedcoststobeincurredtocompletion,estimatedsellingexpenses,andrelatedtaxes.TheCompanydeterminesthenetrealizablevalueofinventoriesbasedonsolidevidenceobtainedandaftertakingintoconsiderationthepurposeforwhichtheinventoryisheld,andtheimpactofpost-balancesheetevents.

18.AssetsHeldforSale

1.Recognitioncriteriaandaccountingtreatmentfornon-currentassetsclassifiedasheldforsaleordisposalgroupsAnon-currentassetordisposalgroupwhosecarryingvaluewillberecoveredprincipallythroughsaleratherthanthroughcontinuinguseisclassifiedasheldforsaleandmeetsthefollowingconditions:first,itisimmediatelyavailableforsaleundercurrentconditionsbasedonthecustomarypracticeforsalesofsuchassetsordisposalgroupsinsimilartransactions;andsecond,itishighlyprobablethatthesalewilloccur,i.e.,theenterprisehasalreadyresolvedonaplanforthesaleandhasobtainedafirmcommitmenttopurchase,anditisexpectedthatthesaleisexpectedtobecompletedwithinoneyear.Therelevantregulationsrequiretheapprovaloftherelevantorregulatoryauthorityoftheenterprisebeforethesaleshallhavebeenapproved.WhentheCompanyinitiallymeasuresorremeasuresnon-currentassetsordisposalgroupsheldforsaleonthebalancesheetdate,ifthecarryingvalueishigherthanthefairvalueminusthenetamountofthesalecosts,thecarryingvaluewillbewrittendowntothenetamountoffairvalueminusthesalecosts.Theamountwrittendownwillberecognizedasassetimpairmentlossandincludedincurrentprofitandloss,andprovisionforimpairmentofassetsheldforsalewillbemade.Theamountofassetimpairmentlossrecognizedfordisposalgroupsheldforsaleshallbeoffsetagainstthecarryingvalueofgoodwillinthedisposalgroupfirst,andthenagainstthecarryingvalueofeachnon-currentassetproportionatelyaccordingtotheproportionofthecarryingvalueofeachnon-currentassetinthedisposalgroupasdefinedintheapplicablemeasurementoftheAccountingStandardsforBusinessEnterprises-Non-currentAssetsHeldforSale,DisposalGroupsandDiscontinuedOperations.

2.RecognitioncriteriaandpresentationofdiscontinuedoperationsDiscontinuedoperationsisaseparatelydistinguishablecomponentthatmeetsoneofthefollowingconditionsandthathasbeendisposedofbytheCompanyorclassifiedbytheCompanyasheldforsale:thecomponentrepresentsaseparateprincipalbusinessoraseparateprincipaloperatingarea;thecomponentispartofarelatedprogramofproposeddispositionsofaseparateprincipalbusinessoraseparateprincipaloperatingarea;Thecomponentisasubsidiaryacquiredspecificallyforresale.TheCompanypresentsgainsandlossesfromcontinuingoperationsandgainsandlossesfromdiscontinuedoperationsseparatelyinthestatementofincome.Operatinggainsandlosses,suchasimpairmentlossesandreversalamountsfordiscontinuedoperations,andgainsandlossesondisposalsarepresentedasgainsandlossesfromdiscontinuedoperations.Therevenues,expenses,grossprofit,incometaxexpense(benefit)andnetprofitfromdiscontinuedoperations,impairmentlossesrecognizedonassetsordisposalgroupsofdiscontinuedoperationsandtheamountoftheirreversal,totalgainorlossondisposalofdiscontinuedoperations,incometaxexpense(benefit)andnetgainorlossondisposal,netcashflowsfromoperatingactivities,investingactivitiesandfinancingactivitiesofdiscontinuedoperations,andgainsandlossesfromcontinuingoperationsandgainsandlossesfromdiscontinuedoperationsattributabletoownersoftheparentcompanyaredisclosedinthenotes.

19.InvestmentinDebtObligationsNotapplicable

20.OtherInvestmentinDebtObligationsThedeterminationmethodsandaccountingmethodsofotherinvestmentindebtobligationsaredetailedinNoteV-11.FinancialInstruments.

21.Long-termReceivablesNotapplicable

22.Long-termEquityInvestments

1.JudgmentcriteriaforjointcontrolandsignificantinfluenceJointcontrolmeansthatactivitiesthathaveasignificantimpactonthereturnofanarrangementmustbedecideduponwiththeunanimousconsentoftheparticipantssharingcontrol,includingsalesandpurchasesofgoodsorservices,managementoffinancialassets,purchasesanddisposalsofassets,researchanddevelopmentactivities,andfinancingactivities.Significantinfluencereferstotheconditionwhereaninvestorholdsbetween20%to50%ofthevotingcapitalinaninvestee,generallyindicatingasignificantinfluence.Or,althoughlessthan20%,havingasignificantinfluencewhenoneofthefollowingconditionsismet:Representationontheboardofdirectorsorsimilarauthorityoftheinvestee;participationinthepolicy-makingprocessoftheinvestee;assignmentofmanagementpersonneltotheinvestee;relianceoftheinvesteeonthetechnologyortechnicalinformationoftheinvestee;andmajortransactionswiththeinvestee.

2.DeterminationofinitialinvestmentcostForlong-termequityinvestmentsacquiredthroughabusinesscombination,inthecaseofabusinesscombinationunderthesamecontrol,theinitialinvestmentcostofthelong-termequityinvestmentshallbetheshareoftheowners’equityofthepartybeingcombinedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate;inthecaseofabusinesscombinationnotunderthesamecontrol,theinitialinvestmentcostofthelong-termequityinvestmentshallbethecostofcombinationdeterminedontheacquisitiondate;forlong-termequityinvestmentsacquiredbypayingcash,theinitialinvestmentcostistheactualpurchasepricepaid;forlong-termequityinvestmentsacquiredbyissuingequitysecurities,theinitialinvestmentcostisthefairvalueoftheequitysecuritiesissued;forlong-termequityinvestmentsacquiredthroughdebtrestructuring,theinitialinvestmentcostisdetermined

3.MethodofsubsequentmeasurementandrecognitionofprofitorlossLong-termequityinvestmentsinwhichtheCompanycanexercisecontrolovertheinvesteesareaccountedforbythecostmethod,andlong-termequityinvestmentsinassociatesandjointventuresareaccountedforbytheequitymethod.IfaportionoftheCompany’sequityinvestmentsinaffiliatesisheldindirectlythroughventurecapitalinstitutions,mutualfunds,trustcompanies,orsimilarentities,includinginvestment-linkedfunds,regardlessofwhethertheaboveentitieshavesignificantinfluenceoverthisportionoftheinvestment,theCompanytreatsitinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsandaccountsfortheremainingportionwiththeequitymethod.

23.InvestmentPropertiesMeasurementmodelofinvestmentpropertyMeasurementofcostmethodDepreciationoramortizationmethod

TheCompany’sinvestmentpropertyincludesleasedlanduserights,leasedbuildings,andlanduserightsheldandreadytobetransferredafterappreciation.Investmentpropertyisinitiallymeasuredaccordingtocost,andthenmeasuredbycostmodel.TheCompanyusesthecompositelifedepreciationmethodforbuildingsleasedoutofinvestmentproperties,andthespecificaccountingpoliciesarethesameasthoseforfixedassets.Landuserightsleasedoutofinvestmentpropertiesandlanduserightsheldandintendedtobetransferredafterappreciationareamortizedthroughthestraight-linemethodwiththesameaccountingpoliciesasthosefortheintangibleassetssegment.

24.FixedAssets

(1)RecognitionconditionsThefixedassetsrefertotangibleassetsheldforproductionofgoods,provisionoflaborservices,leaseorbusinesswithaservicelifeofoverafiscalyear.Recognitionismadewhenthefollowingconditionsaremet:Theeconomicbenefitsassociatedwiththefixed-assetwillprobablyflowtotheenterprise;thecostofthefixed-assetcanbemeasuredreliably.

(2)Depreciationmethod

Category	Depreciationmethod	Depreciablelife	Residualvaluerate	Annualdepreciationrate
Housesandbuildings	Straight-linedepreciationmethod	3-38years	1%-10%	31.67%-3.17%
Machineryequipment	Straight-linedepreciationmethod	2-11years	1%-10%	47.50%-8.18%
Transportationequipment	Straight-linedepreciationmethod	5-10years	1%-10%	19.00%-9.50%
Electronicequipment	Straight-linedepreciationmethod	2-8years	1%-10%	47.50%-11.88%
Otherequipment	Straight-linedepreciationmethod	5years	5%-10%	19.00%-18.00%

TheCompany’sfixedassetsaremainlyclassifiedinto:buildingsandstructures,machineryandequipment,electronicequipment,transportationequipment,etc.Thedepreciationmethodistheaverageannuallimitmethod.Theservicelivesandestimatedresidualvaluesoffixedassetsaredeterminedaccordingtothenatureandutilizationofeachcategoryoffixedassets.Attheendoftheyear,theservicelives,estimatedresidualvaluesanddepreciationmethodsoffixedassetsarereviewed,andadjustmentsaremadeaccordinglyiftherearedifferencesfromtheoriginalestimates.Allfixedassetsaredepreciated,exceptforfullydepreciatedfixedassetsthatcontinuetobeusedandlandthatisseparatelyaccountedfor.

25.ConstructioninProgressTheCompany’sconstructioninprogressisdividedintotwotypes:Constructiononaself-operationbasisandacontractedbasis.Thecriteriaandtimepointforcarryingforwardconstructioninprogresstofixedassetsarebasedontheconstructioninprogressreachingitsintendedstateofuse.Thestandardfordeterminingtheintendedusableconditionshallbeoneofthefollowing:Thephysicalconstruction(includinginstallation)ofthefixedassetshasbeenfullycompletedorsubstantiallycompleted;productionortrialoperationhasbeenconducted,andtheresultsshowthattheassetscanoperatenormallyorcansteadilyproducequalifiedproducts,ortheresultsofthetrialoperationshowthattheycanfunctionnormallyoroperate;theamountofexpenditureonthefixedassetsconstructedislittleoralmostnolongerincurred;thefixedassetsacquiredhavemetthedesignorcontractrequirements,oraresubstantiallyconsistentwiththedesignorcontractrequirements.

26.BorrowingCosts

1.RecognitionprinciplesforthecapitalizationofborrowingcostsIftheborrowingcostsincurredbytheCompanycanbedirectlyattributabletotheacquisition,constructionorproductionofassetsthatmeetthecapitalizationconditions,theyshallbecapitalizedandincludedinthecostsoftheunderlyingassets;otherborrowingcostsrecognizedascostsaccordingtotheamountincurredshallbeincludedintheprofitandlossforthecurrentperiod.Assetseligibleforcapitalizationrefertoassets,suchasfixedassets,investmentproperties,andinventoriesthatrequirealongperiodfortheiracquisitionorproductionactivitiestoreachtheexpectedusableorsaleablestatus.

2.CalculationofcapitalizationamountThecapitalizationperiodreferstotheperiodfromwhenthecapitalizationofborrowingcostsstartstowhenthecapitalizationstops.Theperiodduringwhichcapitalizationofborrowingcostsissuspendedisnotincluded.Capitalizationofborrowingcostsshallbesuspendedifthereisanabnormalinterruptioninthecourseofacquisitionorproductionandtheinterruptionlastsformorethanthreeconsecutivemonths.Borrowingofspecialborrowingsisdeterminedbytheinterestexpenseincurredintheperiodofthespecialborrowings,lesstheinterestrevenueexpenditureearnedbydepositingtheunusedborrowedfundsinbanksortheinvestmentincomeearnedbymakingtemporaryinvestments;theappropriationofgeneralborrowingsisdeterminedbymultiplyingtheweightedaverageamountofassetexpensesovertheportionofspecialborrowingsbythecapitalizationrateofthegeneralborrowingsappropriated,whichistheweightedaverageinterestrateofgeneralborrowings;ifthereisadiscountorpremiumonborrowings,theamountofdiscountorpremiumtobeamortizedineachaccountingperiodisdeterminedbytheeffectiveinterestratemethod.Theamountofinterestisadjustedforeachperiod.Theeffectiveinterestratemethodisamethodofcalculatingtheamortizeddiscountorpremiumorinterestexpenseonaborrowingbasedonitseffectiveinterestrate.Theeffectiveinterestratemethodcalculatestheamortizeddiscountorpremiumorinterestexpenseonaborrowingbasedonitseffectiveinterestrate.

27.LivingAssetsNotapplicable

28.OilandGasAssetsNotapplicable

29.IntangibleAssets

1.Pricingmethodofintangibleassets

TheCompanyinitiallymeasurestheintangibleassetsatcost.Fortheacquiredintangibleassets,theactualpricespaidandrelatedexpensesshallberegardedastheactualcosts.Theactualcostofintangibleassetsinvestedbyinvestorsshallberecognizedaccordingtothevalueagreeduponintheinvestmentcontractoragreement.Incaseofunfaircontractoragreement,theactualcostshallberecognizedaccordingtothefairvalue.Thecostofself-developedintangibleassetsshallbethetotalexpenditureincurredbeforetheyreachtheintendeduse.

2.Servicelifeanditsdeterminationbasis,estimation,amortizationmethod,orreviewprocedureIntangibleassetswithfiniteservicelivesareamortizedusingthemethodspresentedinthetablebelowovertheirservicelives,andtheservicelivesandamortizationmethodsofintangibleassetsarereviewedattheendoftheyearandadjustedaccordinglyiftherearedifferencesfromtheoriginalestimates.Intangibleassetswithindefiniteservicelivesarenotamortized,butarereviewedattheendoftheyearforservicelivesandestimatedwhenthereisconclusiveevidencethattheservicelifeisfinite.Theusefullifeanditsdeterminationbasisandamortizationmethodofintangibleassetswithrestrictedusefullife:

Category	Usefullife	Determinationbasisofusefullife	Amortizationmethod
Landuseright	20-50years	Durationoflanduserights	Methodofline
Patentuseright	5-20years	Expectednumberofyearsofbenefit	Methodofline
Software	3-10years	Expectednumberofyearsofbenefit	Methodofline
Trademarkright	3-10years	Expectednumberofyearsofbenefit	Methodofline
Other	3-10years	Expectednumberofyearsofbenefit	Methodofline

TheintangibleassetsareregardedasintangibleassetswithuncertainservicelifeifthetermduringwhichtheycanbringeconomicbenefitstotheCompanyisunforeseeableoriftheirusageperiodisuncertain.Thebasesfordeterminingofuncertainservicelifeare:Theintangibleassetscomefromcontractualorotherlegalrights,butthecontractorlawshavenocertainstipulationsoftheservicelife;thetermduringwhichtheintangibleassetsbringeconomicbenefitstotheCompanyisstillunforeseeableevenwithconsiderationofpeerstatusordemonstrationsofrelatedprofessionals.Attheendofeachyear,thereviewofservicelifeofintangibleassetswithuncertainservicelifemainlyadoptsthemethodofreviewingfromlowerdepartmenttoupperdepartment,wheredepartmentsrelatedtotheuseofintangibleassetsshallconductthebasicreviewandmakeassessmentofwhetherthedeterminingbasisofuncertainservicelifechanges.

3.ThescopeofR&DexpenditurecollectionandtherelatedaccountingtreatmentThescopeoftheCompany’sR&DexpendituresismainlyformulatedbasedontheCompany’sresearchanddevelopmentprojects,whichmainlyincludes:R&Dpersonnel’semployeeremuneration,directinputexpenses,depreciationexpensesandlong-termamortizationexpenses,designexpenses,equipmentcommissioningexpenses,amortizationexpensesofintangibleassets,commissionedexternalresearchanddevelopmentexpenses,andotherexpenses,etc.Expendituresincurredduringtheresearchphaseofaninternalresearchanddevelopmentprojectarerecognizedinprofitorlosswhenincurred;expendituresincurredduringthedevelopmentphasethatmeettheconditionsforrecognitionasanintangibleassetaretransferredtointangibleassetaccounting.

Specificcriteriafordividingtheresearchphaseanddevelopmentphaseofinternalresearchanddevelopmentprojects:TheexpendituresininternalresearchanddevelopmentprojectsoftheCompanyareclassifiedintoexpendituresinresearchstageandexpendituresindevelopmentstage.Theexpendituresinresearchstageareincludedinthecurrentprofitsandlosseswhenincurred.Theexpendituresindevelopmentstagearerecognizedasintangibleassetswhenmeetingthefollowingconditions:

(1)Thecompletionoftheintangibleassetsmakesittechnicallyfeasibleforusingorselling;

(2)Havingtheintentiontocompleteanduseorselltheintangibleassets;

(3)Thewayinwhichanintangibleassetgenerateseconomicbenefits,includingtheproofthattheproductsproducedwiththeintangibleassetscanbesoldinamarketortheproofofitsusefulnessiftheintangibleassetscanbesoldinamarketandwillbeusedinternally;

(4)Havingsufficienttechnical,financialresourcesandotherresourcestosupportthedevelopmentoftheintangibleassetsandtheabilitytouseorselltheintangibleassets;

(5)Expenditureattributabletothedevelopmentstageofintangibleassetscanbemeasuredreliably.Thecostofself-developedintangibleassetsincludesthetotalexpenditureincurredaftermeetingintangibleassetsrecognitioncriterionandbeforereachingintendeduse.Expendituresthathavebeenexpensedinpreviousperiodsarenolongeradjusted.

30.ImpairmentofLong-termAssetsForlong-termassetshavingtheindicationofimpairmentonbalancesheetdatesuchaslong-termequityinvestments,investmentpropertymeasuredincostmode,fixedassets,constructioninprogress,productivelivingassetsmeasuredincostmode,oilandgasassets,andintangibleassets,theCompanyshalltesttheimpairment.Iftheimpairmenttestresultsindicatethattherecoverableamountoftheassetislowerthanitsbookvalue,theimpairmentprovisionshallbemadeatthedifferenceandincludedintheimpairmentloss.Therecoverableamountisthehigherofthefairvalueoftheassetminusthedisposalcostandthepresentvalueoftheexpectedfuturecashflowoftheasset.Theprovisionforimpairmentofassetsiscalculatedandrecognizedonthebasisofindividualassets.Ifitisdifficulttoestimatetherecoverableamountofindividualassets,therecoverableamountoftheassetgroupshallberecognizedbytheassetgrouptowhichtheassetbelongs.Theassetgroupisthesmallestportfolioofassetsthatcangeneratecashinflowsindependently.Goodwillpresentedseparatelyinthefinancialstatementsshallbetestedforimpairmenteveryyear,whetherornotthereisanyindicationofimpairment.Thebookvalueofthegoodwillshallbeapportionedtotheassetgrouporportfolioofassetgroupsthatisexpectedtobenefitfromthesynergiesofthebusinesscombinationwhentheimpairmenttestisconducted.Thecorrespondingimpairmentlossisrecognizedifthetestresultsindicatethattherecoverableamountoftheassetgrouporportfolioofassetgroupscontainingtheapportionedgoodwillislowerthanitsbookvalue.Theamountoftheimpairmentlossshalloffsetthebookvalueofthegoodwillapportionedtotheassetgrouporportfolioofassetgroups,andoffsetthebookvalueofotherassetsinproportionaccordingtotheproportionofthebookvalueofotherassetsexceptthegoodwillintheassetgrouporportfolioofassetgroups.Oncetheimpairmentlossoftheaboveassetisrecognized,theportionthatthevalueisrestoredwillnotbewrittenbackinsubsequentperiods.

31.Long-termPrepaidExpenseLong-termprepaidexpensereferstogeneralexpenseswiththeapportionedperiodoveroneyear(excludingoneyear)thathaveoccurredbutareattributabletothecurrentandfutureperiods.Long-termprepaidexpenseshallbeamortizedaveragelywithinbenefitperiod.Incaseofnobenefitinthefutureaccountingperiod,theamortizedvalueofsuchitemthatfailstobeamortizedshallbetransferredintothecurrentprofitsandlosses.

32.ContractLiabilitiesTheCompanypresentstheobligationstotransfergoodsorprovideservicestocustomersforconsiderationreceivedorreceivablefromcustomersascontractliabilities.Contractassetsandcontractliabilitiesunderthesamecontractarepresentednet:ifthenetamountresultsinadebitbalance,itispresentedin“ContractAssets”or“OtherNon-currentAssets”basedonitsliquidity;ifthenetamountresultsinacreditbalance,itispresentedin“ContractLiabilities”or“OtherNon-currentLiabilities”basedonitsliquidity.Contractassetsandcontractliabilitiesunderdifferentcontractscannotbeoffsetagainsteachother.

33.Payroll

(1)Accountingtreatmentoftheshort-termremunerationEmployeebenefitsrefertoallformsofremunerationorcompensationgivenbytheCompanyforservicesrenderedbyemployeesorfortheterminationofemploymentrelationships.Employeebenefitsmainlyincludeshort-termbenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.Theshort-termcompensationactuallyhappenedduringtheaccountingperiodwhentheactivestaffofferingtheservicefortheCompanyshouldberecognizedasliabilitiesandisincludedinthecurrentprofitsandlossesexceptforthoserequiredorallowedtobeincludedintheassetscostbytheAccountingStandardsforBusinessEnterprises.TheemployeeservicesbenefitsactuallyhappenedintheCompanyshallbeincludedinthecurrentprofitsandlossesorrelevantassetscostaccordingtotheactualamount.Ofwhichthenon-monetarybenefitsshouldbemeasuredaccordingtothefairvalue.Duringtheaccountingterminwhichemployeesprovideservice,theCompanycalculatesanddeterminesthecorrespondingpayrollamountinaccordancewiththewithdrawalbasisandwithdrawalproportionspecifiedinregulationswiththesocialinsurancepremiumssuchasmedicalinsurancepremiums,industrialinjuryinsurancepremiumandbirthinsurancepremium,housingfund,andthelaborunionbudgetandemployeeeducationbudgetwithdrawninregulations,andthenrecognizesitasliabilitiesthatareincludedinthecurrentprofitsandlossesorrelevantassetscost.

(2)AccountingtreatmentofthewelfareafterdemissionThepayableanddepositamountcalculatedaccordingtothedefinedcontributionplanduringtheaccountingperiodwhentheactivestaffofferingtheservicefortheCompanyisrecognizedasliabilitiesandisincludedinthecurrentprofitsandlossesorrelevantassetscost.Thebenefitobligationsarisingfromthedefinedbenefitplanshallbeattributabletotheperiodinwhichtheemployeesprovideservicesbasedontheformuladeterminedbyexpectedcumulativewelfareunitmethodandincludedincurrentprofitsandlossesorcostofrelevantasset.

(3)AccountingtreatmentofthedemissionwelfareWhenofferingthedemissionwelfare,theCompanyshallrecognizethepayrollliabilitiesincurredfromthedemissionwelfareontheearlierofthedatewhentheCompanycouldnotunilaterallywithdrawthedemissionwelfareofferedbytheplanorlayoffproposalowingtoterminationofthelaborrelationshiporthedatewhentheCompanyrecognizesthecostrelatedtothereorganizationofthepaymentofthedemissionwelfare,andincludethepayrollliabilitiesintothecurrentprofitsandlosses:

(4)Accountingtreatmentofthewelfareofotherlong-termstaffsTheotherlong-termwelfarethattheCompanyofferstothestaff,ifmetwiththesettingdrawingplan,shallbedisposedofaccordingtotherelevantsettingdrawingplan;exceptforthat,netliabilitiesornetassetsofthewelfareofotherlong-termstaffshallberecognizedandmeasuredaccordingtothesettingdrawingplan.

34.AccruedliabilitiesTheobligationpertinenttocontingenciesshallberecognizedasprovisionswhenthatobligationisacurrentobligationoftheCompany,anditislikelytocauseanyeconomicbenefittoflowoutoftheenterpriseasaresultofperformanceoftheobligation,whiletheamountoftheobligationcanbemeasuredinareliableway.TheCompanyconductstheinitialmeasurementinaccordancewiththebestestimateofthenecessaryexpensesfortheperformanceofthecurrentobligation.Ifthereisasequentrangeforthenecessaryexpensesandifalltheoutcomeswithinthisrangeareequallylikelytooccur,thebestestimateshallbedeterminedinaccordancewiththemidpointestimatewithintherange;ifthecontingenciesconcerntwoormoreitems,thebestestimateshallbecalculatedanddeterminedinaccordancewithallpossibleoutcomesandtherelevantprobabilities.Reviewofthebookvalueofprovisionsshallbeconductedonthebalancesheetdate.Thebookvalueshallbeadjustedinaccordancewiththecurrentbestestimatewhenthereisdefiniteevidenceindicatingthatthebookvaluecannotreflectthecurrentbestestimateinfaithfulness.

35.Share-basedPaymentNotapplicable

36.OtherFinancialInstrumentssuchasPreferredSharesandPerpetualBondsNotapplicable

37.RevenueDisclosureofaccountingpoliciesadoptedforrevenuerecognitionandmeasurementbytypeofbusinessTheCompanyrecognizesrevenuebasedonthetransactionpriceapportionedtotheperformanceobligationinacontractwhenthecustomerobtainscontroloftheunderlyinggoodorservice.Obtainingcontrolofrelatedgoodsreferstothatcustomerscancontroltheuseofthegoodsandobtainalmostalltheeconomicbenefitsfromthegoods.AperformanceobligationisacontractualcommitmentbytheCompanytotransferaclearlydistinguishablecommoditytoacustomer.ThetransactionpriceistheamountofconsiderationthattheCompanyexpectstobeentitledtoreceiveasaresultofthetransferofthecommoditytothecustomer,excludingamountscollectedonbehalfofthirdpartiesandamountsthattheCompanyexpectstoreturntothecustomer.Whethertheperformanceobligationistobefulfilledwithinacertainperiodoftimeoratacertainpointintimedependsonthetermsofthecontractandtherelevantlegalprovisions.Iftheperformanceobligationisfulfilledwithinacertainperiodoftime,theCompanyrecognizesrevenueinaccordancewiththeprogressofperformance.Otherwise,theCompanyrecognizesrevenueatapointintimewhenthecustomerobtainscontroloftheunderlyingasset.TheCompanydetermineswhethertheCompany’sstatusisthatofaprincipaloragentwhenengaginginatransactionbasedonwhetherithascontroloverthegoodsorservicespriortotransferringthemtothecustomer.IftheCompanyisabletocontrolthegoodsorservicesbeforetransferringthemtothecustomer,theCompanyistheprincipalresponsiblepartyandrecognizesrevenuebasedonthetotalconsiderationreceivedorreceivable.Otherwise,theCompanyshallrecognizerevenueasanagentbasedontheamountofcommissionsorfeestowhichitisexpectedtobeentitled,whichshallbedeterminedatthenetamountofthetotalconsiderationreceivedorreceivablelessthepricepayabletootherrelatedparties,orattheestablishedcommissionamountorpercentage,etc.Specificprinciplesandmeasurementmethodsforrevenuerecognitionbybusinesstype:TheCompanyrecognizesrevenuefromgenerallightingproducts,LEDpackagingandcomponentproducts,automotivelampproducts,tradingandotherproductsasfollows:

(1)Recognitionofdomesticsalesrevenue:Undertheconventionalsettlementmode,theCompanyhasdeliveredgoodsthathavepassedinspectiontothepurchaserasrequiredbythepurchaser,theamountofrevenuehasbeendetermined,asalesinvoicehasbeenissuedandthepaymenthasbeenreceivedorisexpectedtoberecovered;

undertheconsignmentsalessettlementmode,theCompanyrecognizessalesrevenuewhentheproductisissuedandthesettlementnoticeisissuedafterthecustomerinspectionisqualified.

(2)Recognitionofexportsalesrevenue:TheCompanyhasproducedgoodsaccordingtotherequirementsstipulatedinthesalescontract,andcompletedtheexportdeclarationproceduresafterthegoodshavepassedinspection;productshavebeenloadedonboard;theamountofrevenuehasbeendetermined,anexportsalesinvoicehasbeenissued,andthepaymenthasbeenreceivedorisexpectedtoberecovered.DifferentbusinessmodelsforthesametypeofbusinessinvolvingdifferentrevenuerecognitionandmeasurementmethodsNone.

38.ContractCostsContractcostsareeithertheincrementalcostsofobtainingacontractwithacustomerorthecoststofulfilacontractwithacustomer.Incrementalcostsofobtainingacontract(“contractacquisitioncosts”)arecoststhatwon’thavebeenincurredifthecontractisnotacquired.TheCompanyrecognizesasanassettheincrementalcostsofobtainingacontractwithacustomerifitexpectstorecoverthosecosts.Costsincurredfortheperformanceofacontractthatdonotfallwithinthescopeofotherenterpriseaccountingstandards,suchasinventory,arerecognizedasanassetascontractperformancecostswhenthefollowingconditionsaresimultaneouslymet:Thecostisdirectlyrelatedtoacurrentoranticipatedacquisitionofacontractandincludesdirectlabor,directmaterials,manufacturingoverhead(orsimilarcosts),costsexplicitlyattributabletotheuser,andothercostsincurredsolelyasaresultofthatcontract;thecostincreasestheresourcesavailabletomeetfutureperformanceobligations;andthecostisexpectedtoberecovered.Contractperformancecostsrecognizedasassetsareincludedin“Inventory”onthebalancesheetiftheamortizationperiodattheinitialrecognitiondoesn’texceedoneyearoronenormaloperatingcycle;iftheamortizationperiodattheinitialrecognitionismorethanoneyearoronenormaloperatingcycle,theyareincludedin“Othernon-currentassets”onthebalancesheet.Contractacquisitioncostrecognizedasassetsareincludedin“Othercurrentassets”onthebalancesheetiftheamortizationperiodattheinitialrecognitiondoesn’texceedoneyearoronenormaloperatingcycle;iftheamortizationperiodattheinitialrecognitionismorethanoneyearoronenormaloperatingcycle,theyareincludedin“Othernon-currentassets”onthebalancesheet.TheCompanyamortizestheassetsrecognizedforcontractacquisitioncostsandcontractperformancecostsonthesamebasisastherevenuerecognitionofthemerchandisetowhichtheassetsrelate,andrecognizestheminprofitorlossforthecurrentperiod.Assetsformedfromtheincrementalcostofacquiringacontractwithanamortizationperiodofnotmorethanoneyeararerecognizedinprofitorlossforthecurrentperiodwhenitoccurs.Ifthecarryingamountofanassetrelatedtothecostofacontractexceedsthedifferencebetweenthefollowingtwoitems,theCompanymakesanallowanceforimpairmentandrecognizesanassetimpairmentlossfortheexcess:theremainingconsiderationexpectedtobereceivedforthetransferofthemerchandisetowhichtheassetrelates;andtheestimatedcoststobeincurredforthetransferoftherelatedmerchandise.Ifthetwodifferencesabovearehigherthanthebookvalueoftheassetsduetothesubsequentchangesintheimpairmentfactorsinpreviousperiods,theassetimpairmentprovisionssetasideshouldbereversedandrecognizedasprofitandlossofthecurrentperiod.However,uponthereversal,thebookvalueoftheassetsshallnotexceedthebookvalueoftheassetsonthereversaldate,supposingthatimpairmentprovisionsarenotsetaside.

39.GovernmentSubsidies

1.CategoryofandaccountingtreatmentforgovernmentsubsidiesGovernmentsubsidiesrefertothemonetaryassetsornon-monetaryassetsobtainedbytheCompanyfromthegovernment(excludingthecapitalinvestedbythegovernmentasanequityholder).Ifagovernmentsubsidyisa

monetaryasset,itshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifagovernmentsubsidyisanon-monetaryasset,itshallbemeasuredatitsfairvalue,andshallbemeasuredatanominalamountwhenthefairvaluecannotbeobtainedreliably.Governmentsubsidiesrelatedtothedailyactivitiesareincludedinotherincomeinaccordancewiththenatureofeconomicbusiness.Governmentsubsidiesunrelatedtothedailyactivitiesareincludedinnon-operatingrevenue.Governmentsubsidiesarerecognizedasasset-relatedsubsidieswhenstipulatedbygovernmentdocumentstobeusedforacquisition,constructionorotherwiseformationlong-termassets.Regardingthegovernmentgrantsthatthegovernmentdocumentdoesnotspecifytheobjectofsubsidyandcanformlong-termassets,thepartofgovernmentsubsidycorrespondingtotheassetvalueshallberegardedastheasset-relatedgovernmentsubsidyandtherestshallberegardedasincome-relatedgovernmentsubsidy.Ifitisdifficulttodistinguish,thegovernmentsubsidyshallberegardedastheincome-relatedgovernmentsubsidy.Governmentgrantsrelatedtoassetsarerecognizedasdeferredincome.Theamountrecognizedasdeferredincomeisincludedinthecurrentprofitsandlossesinaccordancewithreasonableandsystematicmethodintheusefullifeofrelevantassets.Governmentsubsidiesotherthanasset-relatedgovernmentsubsidiesarerecognizedasgovernmentsubsidiesrelatedtoincome.Governmentsubsidiesrelatedtoincomeusedtocompensatetherelevantcosts,expensesorlossesoftheCompanyinthesubsequentperiodshallberecognizedasdeferredincome,andshallbeincludedinthecurrentprofitandlossduringtheperiodofconfirmingtherelevantcost,expensesorlosses;subsidiesusedtocompensatetherelevantcosts,expensesorlossesincurredbytheCompanyshallbedirectlyincludedinthecurrentprofitsandlosses.InthecasethattheCompanyobtainsapolicyfavorableloaninterestsubsidy,andthefiscalsystemallocatesthefundofinterestsubsidytothelendingbank,whoprovidesloanstotheCompanyatapolicyfavorableinterestrate,theactualloanamountreceivedisrecognizedastherecordedvalueoftheloan,andtherelevantborrowingcostsarecalculatedbasedontheloanprincipalandthepolicyfavorableinterestrate;ifthefiscalsystemallocatesthefundofinterestsubsidytotheCompanydirectly,theCompanyreducesthecorrespondinginterestsubsidyagainstrelevantborrowingcosts.

2.RecognitiontimeofgovernmentsubsidiesGovernmentsubsidiesshallberecognizedwhentheCompanysatisfiestheconditionsattachedtothegovernmentsubsidiesandisabletoreceivethem.Governmentsubsidiesmeasuredaccordingtothereceivableamountshallberecognizedwhenthereispositiveevidenceattheendoftheperiodthattheycanmeettherelevantconditionsstipulatedbythefinancialsupportpoliciesandareexpectedtoreceivefinancialsupportfunds.OthergovernmentsubsidiesotherthangovernmentsubsidiesmeasuredbyamountreceivablearerecognizedwhentheCompanyactuallyreceivesthesubsidies.

40.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities

1.RecognitionofdeferredincometaxTheCompanyrecognizesthedeferredincometaxassetsordeferredincometaxliabilitiesinaccordancewiththeapplicabletaxrateduringtheestimatedperiodofrecapturingtheassetsorpayingtheliabilitiesforthedifferentamountbetweenthebookvalueofassetsorliabilitiesanditstaxbase(foritemsnotrecognizedasassetsandliabilities,ifitstaxbasiscanbedeterminedaccordingtothetaxlaw,thetaxbasisisrecognizedasthedifferentamount).

2.MeasurementofdeferredincometaxTherecognitionofdeferredincometaxassetsissubjecttotheamountoftaxableincomeobtainedtooffsetthedeductibletemporarydifferences.Onthebalancesheetdate,deferredincometaxassetswithoutrecognitionduringtheformeraccountingperiodshallberecognizediftherearedefiniteindicationsrepresentingthatitisprobabletohavesufficienttaxableincometooffsetthedeductibletemporarydifferencesduringthefutureperiod.Ifitislikelythatsufficienttaxableincomewillnotbeavailabletooffsetthebenefitofthedeferredincometaxassetsinthefutureperiod,thebookvalueofthedeferredincometaxassetswillbewrittendown.Fortaxabletemporarydifferencesrelatedtotheinvestmentinsubsidiariesandassociatedenterprises,thedeferredincometaxliabilitiesarerecognizedunlessthetimeoftemporarydifferencesreversalcanbecontrolledbythe

Companyandareprobablynottobereversedinforeseeablefuture.Fordeductibletemporarydifferencesrelatedtotheinvestmentinsubsidiariesandassociatedenterprises,thedeferredincometaxassetsarerecognizedifthetemporarydifferencesareprobablytobereversedinforeseeablefutureanditislikelytohavetaxableincometooffsetthedeductibletemporarydifferences.

3.BasisfornettingoffdeferredincometaxesDeferredincometaxassetsanddeferredincometaxliabilitiesarepresentedinnetamountafteroffsettingwhenthefollowingconditionsaresimultaneouslymet:thereisalegalrighttosettlecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis;thedeferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtoincometaxesleviedbythesametaxauthorityonthesametaxableentityorarerelatedtodifferenttaxableentities,butarenotexpectedtoreverseinthefutureineachoftheperiodsinwhichthedeferredincometaxassetsanddeferredincometaxliabilitiesarematerial;andthetaxableentitiesinvolvedintendtosettlecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis.However,ineachfutureperiodinwhichthedeferredtaxassetsanddeferredtaxliabilitiesarereversed,thetaxableentityinvolvedintendstoeithersettlethecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasisortoacquiretheassetsandsettletheliabilitiesatthesametime.

41.LeaseTheCompanyassesseswhetheracontractisaleaseorcontainsaleaseattheinceptiondateofthecontract.Acontractisaleaseorcontainsaleaseifoneofthepartiestothecontracthasgivenuptherighttocontroltheuseofoneormoreidentifiedassetsforaspecifiedperiodoftimeinexchangeforconsideration.

(1)Accountingtreatmentforleasesasthelessee

1.Onthestartdateoftheleaseterm,theCompanydeemstheright-of-useassetsandleaseliabilitiesofalltheoperatingleasesexceptfortheshort-termleasesandlow-valueleases,andrecognizesthedepreciationexpenseandinterestexpenserespectivelywithintheleaseterm.

(1)Right-of-useassetsAfterthecommencementdateoftheleaseterm,theGroupusesthecostforinitialmeasurementofright-of-useassets.Thiscostincludestheinitialmeasurementamountoftheleaseliability,leasepaymentsmadeonorbeforethecommencementdateoftheleasetermnetofleaseincentives,andinitialdirectcost.Ifitisreasonablycertainthattheownershipoftheleaseholdpropertywillbeobtainedattheendoftheleaseterm,theCompanywilldepreciatetheleaseholdpropertyoveritsestimatedremainingservicelife.Ifitisnotreasonablycertainthattheownershipoftheleaseholdpropertywillbeobtainedattheendoftheleaseterm,theCompanywilldepreciatetheleasedassetsovertheleasetermortheremainingservicelife,whicheverisshorter.Whentherecoverableamountislessthanthecarryingamountoftheright-of-useasset,thecarryingamountiswrittendowntotherecoverableamount.

(2)LeaseliabilitiesTheCompanyinitiallymeasurestheleaseliabilitiesatthecurrentvalueoftheleasepaymentsoutstandingatthestartdateoftheleaseterm.Leasepaymentsincludefixedpaymentsandpaymentsthatarereasonablycertaintobemadewhentheoptiontopurchaseorterminatetheleaseisexercised.Variableleasepaymentsthatarenotcoveredinthemeasurementoftheleaseliabilitiesareincludedincurrentprofitorlosswhenactuallyincurred.TheCompanyusestheinterestrateimplicitinleaseastherateofdiscount.Iftheinterestrateimplicitinleasecannotbereasonablydetermined,theCompany’sincrementalborrowingrateisusedastherateofdiscount.Interestexpenseontheleaseliabilityforeachperiodduringtheleasetermiscalculatedonthebasisofafixedperiodicrate,i.e.,thediscountrateusedbytheCompanyorareviseddiscountrate,andisincludedinfinancecosts.

2.Judgmentcriteriaandaccountingtreatmentforshort-termleasesandleasesoflow-valueassetsasalesseeforsimplifiedtreatment

Forshort-termleaseswithaleasetermofnoexceeding12monthsandleaseswherethebrand-newvalueofasingleassetislessthanRMB40,000,theCompanyhaselectednottorecognizeright-of-useassetsandleaseliabilities,andtochargetherelatedrentalexpensestocurrentprofitorlossorthecostoftherelatedassetsonastraight-linebasisforeachperiodduringtheleaseterm.

(2)AccountingtreatmentofleasesasthelessorTheCompanyrecognizesleasesthattransfersubstantiallyalltherisksandrewardsassociatedwithownershipoftheleasedassetasfinanceleasesattheinceptionofthelease,andleasesotherthantheseareclassifiedasoperatingleases.

(1)AccountingtreatmentofoperatingleasesRentalincomefromoperatingleasesisrecognizedonastraight-linebasisovertheleaseterm.Initialdirectexpensesarecapitalizedandrecognizedascurrentincomeininstalmentsovertheleasetermonthesamerecognitionbasisasrentalincome,andvariablerentalsnotincludedinleasereceiptsarerecognizedasrentalincomewhentheyareactuallyincurred.

(2)AccountingtreatmentoffinancialleaseOntheinceptionofalease,thedifferencebetweenthesumoffinanceleasereceivableandunguaranteedresidualvalueanditspresentvalueisrecognizedasunrealizedleaseincomebytheCompany,whichisrecognizedasleaseincomeineachperiodwhentherentisreceivedinthefutureandthefinanceleaseassetisderecognized.Initialdirectcostsareincludedintheinitialrecordedvalueofthefinanceleasereceivable.

42.OtherSignificantAccountingPoliciesandEstimates

(1)SafetyproductionexpensesOperatingintheelectricalmachineryandequipmentmanufacturingindustry,theCompanyhasaccruedsafetyproductionexpensesinaccordancewiththerelevantprovisionsoftheManagementMeasuresfortheProvisionandUseofEnterpriseProductionSafetyCosts(C.Z.[2022]No.136)jointlyissuedbytheMinistryofFinanceandtheMinistryofEmergencyManagementonNovember21,2022.Safetyproductionexpenses,whenaccrued,areincludedincostsorcurrentprofitorlossofrelevantproductsandinthe“SpecialReserve”account.Whensafetyproductionexpensesareusedwithintheprescribedscopeandareoperatingexpenses,theyaredirectlyusedtooffsetthespecialreserves.Iftheyformfixedassets,theexpensesincurredarefirstaggregatedunderthe“ConstructioninProgress”account,andwhenthesafetyprojectsarecompletedandreachthepredeterminedusablestate,theyarerecognizedasfixedassets.Meanwhile,thespecialreservesareoffsetasperthecostofformingfixedassets,andanequivalentamountofaccumulateddepreciationisrecognized.Theaforesaidfixedassetswillnotbedepreciatedasaccruedinthefutureperiod.

43.ChangesinMainAccountingPoliciesandEstimates

(1)Changeinaccountingpolicies?Applicable?Notapplicable

(2)Changesinaccountingestimates

□Applicable?Notapplicable

(3)AdjustmentstoFinancialStatementItemsattheBeginningoftheYearoftheFirstImplementationoftheNewAccountingStandardsImplementedsince2025

□Applicable?Notapplicable

44.OtherNone

VI.Taxes

1.MainTaxesandTaxRates

Categoryoftaxes	Taxbasis	Taxrate
VAT	Salesvolumefromgoodssellingortaxableservice	3%,6%,9%,13%
Urbanmaintenanceandconstructiontax	Turnovertaxpayable	7%,5%
Enterpriseincometax	Taxableincome	15%,22%,25%

Notesofthedisclosuresituationofthetaxpayingbodieswithdifferententerprisesincometaxrate

Name	Incometaxrate
TheCompany,ZhidaCompany,ChanchangCompany,HaolaiteCompany,LiaowangAutoLamp,ChongqingGuinuo,LiuzhouLighting,LiuzhouForeshine,QingdaoLighting,NationStarOptoelectronics,NationStarSemiconductor,FenghuaSemiconductor,HainanTechnology,HuleElectricEquipment,GermanyNationStarandXinxiangCompany	15%
IndonesiaLiaowang	22%
Othersubsidiaries	25%

2.TaxPreference

1.TheCompanypassedthereviewofhigh-techenterprisesinDecember2023andobtainedthecertificateofhigh-techenterprise(CertificateNo.GR202344003659).Accordingtorelevantregulations,theCompanyisentitledtoareducedenterpriseincometaxrateof15%forthreeyearsstartingfrom2023.

2.SubsidiaryZhidaCompanypassedthereviewofhigh-techenterprisesinDecember2022andobtainedthecertificateofhigh-techenterprise(CertificateNo.:GR202244009711).Accordingtotherelevantregulations,ZhidaCompanyisentitledtoareducedenterpriseincometaxrateof15%forthreeyearsstartingfrom2022.InaccordancewiththerelevantprovisionsoftheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,ZhidaCompanyshallprepaytheenterpriseincometaxratefor2025atataxrateof15%.

3.SubsidiaryChanchangCompanypassedtheauditofhigh-techenterprisesinNovember2024andobtainedthecertificateofhigh-techenterprise(CertificateNo.:GR202444001793).Accordingtotherelevantregulations,ChanchangCompanyisentitledtoareducedenterpriseincometaxrateof15%forthreeyearsstartingfrom2024.

4.SubsidiaryHaolaiteCompanypassedthereviewofhigh-techenterprisesinDecember2022andobtainedthecertificateofhigh-techenterprise(CertificateNo.GR202244003711).Accordingtorelevantregulations,HaolaiteCompanyisentitledtoareducedenterpriseincometaxrateof15%forthreeyearsstartingfrom2022.InaccordancewiththerelevantprovisionsoftheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,HaolaiteCompanyshallprepaytheenterpriseincometaxratefor2025atataxrateof15%.

5.SubsidiaryLiaowangAutoLamppassedthereviewofhigh-techenterprisesinDecember2023andobtainedthecertificateofhigh-techenterprise(CertificateNo.GR202345001098).Accordingtorelevantregulations,NanningLiaowangisentitledtoareducedenterpriseincometaxrateof15%forthreeyearsstartingfrom2023.

6.ChongqingGuinuo,awholly-ownedsubsidiaryofLiaowangAutoLamp,enjoysthetaxincentivesofreducingandexemptingenterpriseincometaxforthedevelopmentofwesternChinasinceJanuary1,2019,andisentitledtoareducedenterpriseincometaxrateof15%afterexaminationbyandfilingwiththetaxauthorities.

7.LiuzhouLighting,awholly-ownedsubsidiaryofLiaowangAutoLamp,passedthereviewofhigh-techenterpriseinDecember2022andobtainedthecertificateofhigh-techenterprise(CertificateNo.:

GR202245001221).Accordingtorelevantregulations,LiuzhouLightingwillpayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2022.InaccordancewiththerelevantprovisionsoftheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,LiuzhouLightingshallprepaytheenterpriseincometaxratefor2025atataxrateof15%.

8.LiuzhouForeshine,awholly-ownedsubsidiaryofLiaowangAutoLamp,passedthereviewofhigh-techenterpriseinNovember2024andobtainedthecertificateofhigh-techenterprise(CertificateNo.:

GR202445000159).Accordingtorelevantregulations,LiuzhouFuxuanwillpayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2024.Inaddition,accordingtotheNoticeoftheGuangxiZhuangAutonomousRegionDepartmentofFinanceandtheGuangxiZhuangAutonomousRegionTaxServiceoftheStateTaxationAdministrationonClarifyingthePolicyonthePartialExemptionofLocalShareofEnterpriseIncomeTaxunderCertainCircumstances(G.C.S.[2023]),enterprisesrecognizedashighandnewtechnologyenterprisesduringtheperiodfrom2021to2025shallbeexempt,forfiveconsecutiveyearsstartingfromthefirstyearofrecognition,fromtheportionofenterpriseincometaxthatislocallyshared.Accordingtotheaboveprovisions,LiuzhouForeshineisentitledtoa40%reductioninitspayableenterpriseincometax.

9.QingdaoLighting,awholly-ownedsubsidiaryofLiaowangAutoLamp,passedtherecognitionofhigh-techenterpriseonDecember2022andobtainedthecertificateofhigh-techenterprise(CertificateNo.:

GR202237100785).Accordingtorelevantregulations,QingdaoLightingwillpayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2022.InaccordancewiththerelevantprovisionsoftheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,QinghaiLightingshallprepaytheenterpriseincometaxratefor2025atataxrateof15%.

10.SubsidiaryNationStarOptoelectronicspassedtherecognitionofhigh-techenterprisesinDecember2023andobtainedthecertificateofhigh-techenterprise(CertificateNo.GR202344017343).Accordingtorelevantregulations,NationStarOptoelectronicswillpayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2023.

11.NationStarSemiconductor,awholly-ownedsubsidiaryofNationStarOptoelectronics,passedtherecognitionofhigh-techenterpriseonNovember2024andobtainedthecertificateofhigh-techenterprise(CertificateNo.:

GR202444004544).Accordingtorelevantregulations,NationStarSemiconductorwillpayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2024.

12.FenghuaSemiconductor,amajority-ownedsubsidiaryofNationStarOptoelectronics,passedtherecognitionofhigh-techenterpriseonDecember2024andobtainedthecertificateofhigh-techenterprise(CertificateNo.:

GR202444013633)Accordingtorelevantregulations,FenghuaSemiconductorwillpayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2024.

13.InOctober2024,thesubsidiaryHainanTechnologyobtainedthequalificationasaHighandNewTechnologyEnterpriseandreceivedtheHighandNewTechnologyEnterpriseCertificate(CertificateNo.:GR202446000187).Accordingtorelevantregulations,HainanTechnologyisentitledtopayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2024.

14.InDecember2023,HuleElectricalEquipment,amajority-ownedsubsidiaryofHainanTechnology,obtainedthequalificationasaHighandNewTechnologyEnterpriseandreceivedtheHighandNewTechnologyEnterpriseCertificate(CertificateNo.:GR202333010552).Accordingtorelevantregulations,HuleElectricalEquipmentisentitledtopayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2023.

15.InOctober2024,thesubsidiaryXinxiangCompanyobtainedthequalificationasaHighandNewTechnologyEnterpriseandreceivedtheHighandNewTechnologyEnterpriseCertificate(CertificateNo.:GR202441001673).Accordingtorelevantregulations,XinxiangCompanyisentitledtopayenterpriseincometaxatareducedrateof15%forthreeyearsstartingfrom2024.

16.NationStarOptoelectronics(Germany),awholly-ownedsubsidiaryofHaolaiteCompany,isregisteredinGermany.Accordingtolocaltaxpolicies,itisentitledtoanenterpriseincometaxrateof15%.

17.SubsidiaryFozhaoHuaguang,subsidiaryBeijingHangxin,andShanghaiLelaite(indirectlycontrolledbysubsidiaryHainanTechnology)aresmallandmicroenterprises.FromJanuary1,2025toDecember31,2025,inaccordancewiththeactualconditionsofeachprovince,autonomousregion,andmunicipalitydirectlyundertheCentralGovernment,andsubjecttomacroeconomicregulationrequirements,smallandmicroenterprisesmayenjoya50%reductioninresourcetax,urbanmaintenanceandconstructiontax,propertytax,urbanlandusetax,stampduty(excludingstampdutyonsecuritiestransactions),farmlandoccupationtax,educationsurcharge,andlocaleducationsurcharge.

3.OtherPayinaccordancewiththerelevantprovisionsofthetaxlaw.VII.NotestoMainItemsofConsolidatedFinancialStatements

1.MonetaryAssets

Unit:RMB

Item	Endingbalance	Beginningbalance
Cashonhand	78,888.57	40,535.66
Bankdeposits	1,289,270,845.12	1,221,721,793.26
Othermonetaryassets(Note1)	649,539,702.48	512,794,818.03
Depositsplacedwithfinancecompanies(Note2)	1,131,061,845.67	1,462,165,277.45
To-be-receivedinterest(Note3)	14,468,117.34	12,405,012.91
Total	3,084,419,399.18	3,209,127,437.31
Ofwhich:Totalamountdepositedoverseas	53,460,658.31	32,471,593.74

Othernotes:

Note1:Othermonetaryassetsweresecuritydepositsfornotesandperformancebonds,pre-salehousepayments,aswellasinvestmentsplacedwithsecurityfirmandthebalancewithe-commerceplatforms,ofwhichthesecuritydepositsfornotes,performancebondsandpre-salehousepaymentwererestrictedassets(see“31.AssetswithRestrictedOwnershiporRightofUse”inNote“VIINotestoConsolidateFinancialStatements”).Note2:DepositsplacedwithfinancecompaniesrefertotheamountdepositedwithGuangdongRisingFinanceCo.,Ltd.Note3:To-be-receivedinterestwasinterestreceivableonunduebankdepositsandtermdepositsasattheendoftheReportingPeriod,whichisnotrecognizedascashandcashequivalents.

2.TradingFinancialAssets

Unit:RMB

Item	Endingbalance	Beginningbalance
Financialassetsatfairvaluethroughprofitorloss	2,288,376.68	43,649,820.47
Ofwhich:
Wealthmanagementproducts		41,661,005.56
Equityinstrumentinvestments	2,192,776.68	1,988,814.91
Others	95,600.00
Ofwhich
Total	2,288,376.68	43,649,820.47

3.DerivativeFinancialAssetsNaught

4.NotesReceivable

(1)NotesReceivableListedbyCategory

Unit:RMB

Item	Endingbalance	Beginningbalance
Bankacceptancebill	670,457,905.01	928,954,818.05
Commercialacceptancebill	121,580,149.33	68,326,252.16
Total	792,038,054.34	997,281,070.21

(2)DisclosurebyWithdrawalMethodsforBadDebts

Unit:RMB

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Accountsreceivableforwhichbaddebtprovisionaccruedseparately
Notesreceivablewithdrawnbaddebtprovisionbygroup	794,523,312.64	100.00%	2,485,258.30	0.31%	792,038,054.34	998,684,179.44	100.00%	1,403,109.23	0.14%	997,281,070.21
Ofwhich:
Bankacceptancebill	670,457,905.01	84.38%	0.00	0.00%	670,457,905.01	928,954,818.05	93.02%	0.00	0.00%	928,954,818.05
Commercialacceptancebill	124,065,407.63	15.62%	2,485,258.30	2.00%	121,580,149.33	69,729,361.39	6.98%	1,403,109.23	2.01%	68,326,252.16
Total	794,523,312.64	100.00%	2,485,258.30	0.31%	792,038,054.34	998,684,179.44	100.00%	1,403,109.23	0.14%	997,281,070.21

Withdrawalofbaddebtprovisionbygroup:Bankacceptancebillandcommercialacceptancebill.

Unit:RMB

Name	Endingbalance
Name	Carryingamount	Baddebtprovision	Withdrawalproportion
Withinoneyear	794,523,312.64	2,485,258.30	0.31%
Total	794,523,312.64	2,485,258.30

Notes:

PleaserefertoNoteV-13.AccountsReceivablefordetails.Ifadoptingthegeneralmodeofexpectedcreditlosstowithdrawbaddebtprovisionofnotesreceivable:

□Applicable?Notapplicable

(3)BadDebtProvisionWithdrawn,ReversedorCollectedduringtheReportingPeriodInformationofbaddebtprovisionwithdrawn:

Unit:RMB

Category	Beginningbalance	ChangesintheReportingPeriod				Endingbalance
Category	Beginningbalance	Withdrawn	Reversalorrecovery	Write-off	Others	Endingbalance
Notesreceivablewithdrawnbaddebtprovisionbygroup	1,403,109.23	1,082,149.07				2,485,258.30
Total	1,403,109.23	1,082,149.07				2,485,258.30

Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:

□Applicable?Notapplicable

(4)NotesReceivablePledgedbytheCompanyatthePeriod-end

Unit:RMB

Item	Amountpledgedattheperiod-end
Bankacceptancebill	447,552,986.75
Total	447,552,986.75

(5)NotesReceivablewhichHadEndorsedbytheCompanyorHadDiscountedandHadnotDueontheBalanceSheetDateatthePeriod-end

Unit:RMB

Item	Amountofrecognitionterminationattheperiod-end	Amountofnotrecognitionterminationattheperiod-end
Bankacceptancebill	63,254,781.83	382,982,915.48
Commercialacceptancebill		395,015.00
Total	63,254,781.83	383,377,930.48

(6)NotesReceivablewithActualVerificationfortheReportingPeriodNaught

5.AccountsReceivable

(1)DisclosurebyAging

Unit:RMB

Ageing	Endingcarryingbalance	Beginningcarryingbalance
Withinoneyear(includingoneyear)	2,074,228,964.74	1,958,007,653.74
Onetotwoyears	181,832,703.00	160,745,414.76
Twotothreeyears	63,067,902.06	75,845,969.51
Overthreeyears	119,581,860.75	116,132,806.59
Threetofouryears	66,613,570.91	74,345,304.65
Fourtofiveyears	19,241,607.01	8,949,462.00
Overfiveyears	33,726,682.83	32,838,039.94
Total	2,438,711,430.55	2,310,731,844.60

(2)DisclosurebyWithdrawalMethodsforBadDebts

Unit:RMB

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Accountsreceivableforwhichbaddebtprovisionaccruedseparately	98,723,680.62	4.05%	72,460,102.73	73.40%	26,263,577.89	146,052,307.68	6.32%	72,871,642.18	49.89%	73,180,665.50
Accountsreceivablewithdrawalofbaddebtprovisionbyportfolio	2,339,987,749.93	95.95%	122,861,136.52	5.25%	2,217,126,613.41	2,164,679,536.92	93.68%	112,192,910.46	5.18%	2,052,486,626.46
Ofwhich:
(1)Businessportfolioofgenerallightingandautolamps	1,527,343,308.58	62.63%	105,723,794.99	6.92%	1,421,619,513.59	1,470,492,300.88	63.64%	97,526,907.72	6.63%	1,372,965,393.16
(2)BusinessportfolioofLEDpackagingandcomponents	812,644,441.35	33.32%	17,137,341.53	2.11%	795,507,099.82	694,187,236.04	30.04%	14,666,002.74	2.11%	679,521,233.30

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion		Amount	Proportion	Amount	Withdrawalproportion
Total	2,438,711,430.55	100.00%	195,321,239.25	8.01%	2,243,390,191.30	2,310,731,844.60	100.00%	185,064,552.64	8.01%	2,125,667,291.96

Categorynameofbaddebtprovisionaccruedbyitem:Accountsreceivableforwhichbaddebtprovisionaccruedseparately.Thereisnosignificantindividualprovisionforbaddebtsforaccountsreceivableinthecurrentperiod.

Withdrawalofbaddebtprovisionbygroup:(1)Businessportfolioofgenerallightingandautolamps;(2)businessportfolioofLEDpackagingandcomponents.

Unit:RMB

Name	Endingbalance
Name	Carryingamount	Baddebtprovision	Withdrawalproportion
(1)Businessportfolioofgenerallightingandautolamps	1,527,343,308.58	105,723,794.99	6.92%
(2)BusinessportfolioofLEDpackagingandcomponents	812,644,441.35	17,137,341.53	2.11%
Total	2,339,987,749.93	122,861,136.52

Notes:

PleaserefertoNoteV-13.AccountsReceivablefordetails.Ifadoptingthegeneralmodeofexpectedcreditlosstowithdrawbaddebtprovisionofaccountsreceivable:

□Applicable?Notapplicable

(3)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriodInformationofbaddebtprovisionwithdrawn:

Unit:RMB

Category	Beginningbalance	ChangesintheReportingPeriod					Endingbalance
Category	Beginningbalance	Withdrawl	Current-periodrecoveryofprior-periodwrite-offs	Reversalorrecovery	Write-off	Others	Endingbalance
Accountsreceivableforwhichbaddebtprovisionaccruedseparately	72,871,642.18	1,151,642.82		1,563,182.27			72,460,102.73
Accountsreceivablewithdrawalofbaddebtprovision	112,192,910.46	10,532,475.78			78,240.72	213,991.00	122,861,136.52

byportfolio
Total	185,064,552.64	11,684,118.60		1,563,182.27	78,240.72	213,991.00	195,321,239.25

Note:OthersrefertobaddebtprovisionaccruedfortheincreasedaccountsreceivableofBeijingAirtrustduetocombinationinthecurrentperiod.Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:Naught.

(4)AccountsReceivablewithActualVerificationduringtheReportingPeriod

Unit:RMB

Item	Amountverified
Accountsreceivablewithactualverification	78,240.72

Ofwhich,verificationofsignificantaccountsreceivable:Naught.Notestoverificationofaccountsreceivable:

TheamountofaccountsreceivablewrittenoffinthecurrentperiodwasRMB78,240.72,andthebaddebtprovisionwasRMB78,240.72.TheapprovalprocedurewasperformedinaccordancewithprovisionsofthebaddebtmanagementsystemoftheCompany.

(5)TopFiveAccountsReceivableandContractAssetsinEndingBalanceCollectedAccordingtotheArrearsParty

Unit:RMB

Nameoftheentity	Endingbalanceofaccountsreceivable	Endingbalanceofcontractassets	Endingbalanceofaccountsreceivableandcontractassets	Proportiontototalendingbalanceofaccountsreceivableandcontractassets	Endingbalanceofbaddebtprovisionofaccountsreceivableandimpairmentprovisionforcontractassets
No.1	114,168,148.32		114,168,148.32	4.68%	3,425,044.45
No.2	102,522,801.14		102,522,801.14	4.20%	3,075,684.03
No.3	89,508,216.10		89,508,216.10	3.67%	6,383,095.03
No.4	56,240,105.00		56,240,105.00	2.30%	1,794,826.93
No.5	55,114,971.26		55,114,971.26	2.26%	1,103,099.43
Total	417,554,241.82		417,554,241.82	17.11%	15,781,749.87

6.ContractAssets

(1)ListofContractAssets

Unit:RMB

Item	Endingbalance			Beginningbalance
Item	Carryingamount	Baddebtprovision	Carryingvalue	Carryingamount	Baddebtprovision	Carryingvalue
Contractassets	2,253,362.60	1,126,681.30	1,126,681.30	3,380,043.90	1,690,021.95	1,690,021.95
Total	2,253,362.60	1,126,681.30	1,126,681.30	3,380,043.90	1,690,021.95	1,690,021.95

(2)SignificantChangesintheAmountofCarryingValueandtheReasonintheReportingPeriodTherewasnosignificantchangeinthebookvalueduringtheReportingPeriod.

(3)DisclosurebyWithdrawalMethodsforBadDebts

Unit:RMB

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Baddebtprovisionaccruedseparately
Withdrawalofbaddebtprovisionbygroup	2,253,362.60	100.00%	1,126,681.30	50.00%	1,126,681.30	3,380,043.90	100.00%	1,690,021.95	50.00%	1,690,021.95
Ofwhich:
Businessportfolioofgenerallightingandautolamps	2,253,362.60	100.00%	1,126,681.30	50.00%	1,126,681.30	3,380,043.90	100.00%	1,690,021.95	50.00%	1,690,021.95
Total	2,253,362.60	100.00%	1,126,681.30	50.00%	1,126,681.30	3,380,043.90	100.00%	1,690,021.95	50.00%	1,690,021.95

Withdrawalofbaddebtprovisionbygroup:Businessportfolioofgenerallightingandautolamps.

Unit:RMB

Name	Endingbalance
Name	Carryingamount	Baddebtprovision	Withdrawalproportion
Businessportfolioofgenerallightingandautolamps	2,253,362.60	1,126,681.30	50.00%
Total	2,253,362.60	1,126,681.30

Notes:

PleaserefertoNoteV-16.ContractAssetsWithdrawalofbaddebtprovisionbyadoptingthegeneralmodeofexpectedcreditloss

□Applicable?Notapplicable

(4)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriod

Unit:RMB

Item	WithdrawaloftheCurrentPeriod	ReversalorrecoveryintheReportingPeriod	Verification	Reason
Provisionforimpairmentofcontractassets	-563,340.65
Total	-563,340.65

Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:Naught.

(5)ContractAssetsWritten-offinCurrentPeriodNaught.

7.AccountsReceivableFinancing

(1)AccountsReceivableFinancingListedbyCategory

Unit:RMB

Item	Endingbalance	Beginningbalance
Bankacceptancebill	380,276,549.15	352,694,866.89

Total

380,276,549.15

352,694,866.89

(2)DisclosurebyWithdrawalMethodsforBadDebtsNaught.ThebasisforthedivisionofeachphaseandthewithdrawalproportionofbaddebtprovisionPleaserefertoNoteV-13.AccountsReceivablefordetails.Explanationofsignificantchangesintheaccountsreceivablefinancingbookbalancewithchangesinlossreservesinthecurrentperiod:Naught

(3)BadDebtProvisionWithdrawal,ReversedorRecoveredintheCurrentPeriodNaught.

(4)AccountsReceivableFinancingPledgedbytheCompanyatthePeriod-end

Unit:RMB

Item	Amountpledgedattheperiod-end
Bankacceptancebill	7,600,759.79
Total	7,600,759.79

(5)AccountsReceivableFinancingWhichHadEndorsedbytheCompanyorHadDiscountedandHadnotDueontheBalanceSheetDateatthePeriod-end

Unit:RMB

Item	Amountofrecognitionterminationattheperiod-end	Amountofnotrecognitionterminationattheperiod-end
Bankacceptancebill	543,860,638.36
Total	543,860,638.36

(6)AccountsReceivableFinancingwithActualVerificationfortheCurrentPeriodNaught.

(7)TheChangesofAccountsReceivableFinancingintheReportingPeriodandtheChangesinFairValueNaught.

(8)OtherNotesNaught.

8.OtherReceivables

Unit:RMB

Item	Endingbalance	Beginningbalance
Otherreceivables	69,553,723.47	70,524,265.25
Total	69,553,723.47	70,524,265.25

(1)InterestReceivableNaught.

(2)DividendsReceivableNaught.

(3)OtherReceivables

1)OtherReceivablesDisclosedbyAccountNature

Unit:RMB

Nature	Endingcarryingbalance	Beginningcarryingbalance
Otherintercourse	82,431,083.68	77,640,342.04
Performancebond	24,791,707.62	25,244,600.82
Staffborrowandpettycash	4,223,606.87	3,138,997.42
Rent,water&electricityfees	1,837,756.79	1,314,614.82
VATexporttaxrefunds		5,974,168.41
Total	113,284,154.96	113,312,723.51

2)DisclosurebyAging

Unit:RMB

Ageing

Endingcarryingbalance

Beginningcarryingbalance

Ageing	Endingcarryingbalance	Beginningcarryingbalance
Withinoneyear(includingoneyear)	41,338,021.49	51,110,555.10
Onetotwoyears	30,283,306.99	22,389,136.32
Twotothreeyears	6,766,434.76	6,564,915.91
Overthreeyears	34,896,391.72	33,248,116.18
Threetofouryears	2,690,801.70	1,383,400.01
Fourtofiveyears	4,313,935.81	4,236,860.23
Overfiveyears	27,891,654.21	27,627,855.94
Total	113,284,154.96	113,312,723.51

3)DisclosurebyWithdrawalMethodsforBadDebts?Applicable□Notapplicable

Unit:RMB

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Baddebtprovisionseparatelyaccrued	30,288,040.46	26.74%	30,288,040.46	100.00%		30,409,096.04	26.84%	30,409,096.04	100.00%
Withdrawalofbaddebtprovisionbygroup	82,996,114.50	73.26%	13,442,391.03	16.20%	69,553,723.47	82,903,627.47	73.16%	12,379,362.22	14.93%	70,524,265.25
Amongwhich:
Otherreceivablesofbaddebtprovisionwithdrawnbycreditriskcharacteristicportfolio:	82,996,114.50	73.26%	13,442,391.03	16.20%	69,553,723.47	82,903,627.47	73.16%	12,379,362.22	14.93%	70,524,265.25

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion		Amount	Proportion	Amount	Withdrawalproportion
Total	113,284,154.96	100.00%	43,730,431.49	38.60%	69,553,723.47	113,312,723.51	100.00%	42,788,458.26	37.76%	70,524,265.25

Categorynameofbaddebtprovisionaccruedbyitem:Baddebtprovisionseparatelyaccrued.Significantaccountsreceivableforwhichbaddebtsareaccruedseparately:

Unit:RMB

Name	Beginningbalance		Endingbalance
Name	Carryingamount	Provisionforimpairment	Carryingamount	Baddebtprovision	Withdrawalproportion	Reasonforwithdrawal
CustomerA	20,000,000.00	20,000,000.00	20,000,000.00	20,000,000.00	100.00%	Lesslikelytoberecovered
Total	20,000,000.00	20,000,000.00	20,000,000.00	20,000,000.00

Withdrawalofbaddebtprovisionbygroup:Otherreceivablesofbaddebtprovisionwithdrawnbycreditriskcharacteristicportfolio.

Unit:RMB

Name	Endingbalance
Name	Carryingamount	Baddebtprovision	Withdrawalproportion
Otherreceivablesofbaddebtprovisionwithdrawnbycreditriskcharacteristicportfolio	82,996,114.50	13,442,391.03	16.20%
Total	82,996,114.50	13,442,391.03

Notes:

PleaserefertoNoteV-13.AccountsReceivablefordetails.Withdrawalofbaddebtprovisionbyadoptingthegeneralmodeofexpectedcreditloss:

Unit:RMB

Baddebtprovision

PhaseI

PhaseII

PhaseIII

Total

	Expectedcreditlossofthenext12months	Expectedlossintheduration(creditimpairmentnotoccurred)	Expectedlossintheduration(creditimpairmentoccurred)
BalanceofJanuary1,2025	1,522,971.90	10,819,330.47	30,446,155.89	42,788,458.26
BalanceofJanuary1,2025inthecurrentperiod
Withdrawalofthecurrentperiod	-333,607.19	1,353,073.06	-121,055.58	898,410.29
Amountwritten-offforthecurrentperiod	31,213.89	12,349.05		43,562.94
BalanceofJune30,2025	1,220,578.60	12,184,752.58	30,325,100.31	43,730,431.49

ThebasisforthedivisionofeachphaseandthewithdrawalproportionofbaddebtprovisionPleaserefertoNoteV-13.AccountsReceivablefordetails.Changesofcarryingamountwithsignificantamountchangedoflossprovisioninthecurrentperiod

□Applicable?Notapplicable

4)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriodInformationofbaddebtprovisionwithdrawn:

Unit:RMB

Category	Beginningbalance	ChangesintheReportingPeriod				Endingbalance
Category	Beginningbalance	Withdrawal	Reversalorrecovery	Charged-off/Written-off	Others	Endingbalance
Otherreceivables	42,788,458.26	898,410.29			43,562.94	43,730,431.49
Total	42,788,458.26	898,410.29			43,562.94	43,730,431.49

OfwhichthebaddebtprovisionreversedorrecoveredwithsignificantamountduringtheReportingPeriod:

Naught.

5)ParticularsoftheActualVerificationofOtherReceivablesduringtheReportingPeriodNaught.

6)Top5oftheEndingBalanceoftheOtherReceivablesCollectedaccordingtotheArrearsParty

Unit:RMB

Nameoftheentity	Nature	Endingbalance	Ageing	Proportiontototalendingbalanceofotherreceivables(%)	Endingbalanceofbaddebtprovision
No.1	Otherintercourse	20,000,000.00	Overfiveyears	17.65%	20,000,000.00
No.2	Otherintercourse	15,883,375.00	Withintwoyears	14.02%	1,588,337.50
No.3	Otherintercourse	14,840,849.57	Withinoneyear	13.10%	445,225.49
No.4	VATexporttaxrefunds	10,000,000.00	Withintwoyears	8.83%	1,000,000.00
No.5	Performancebond	5,000,000.00	Withinthreeyears	4.41%	5,000,000.00
Total		65,724,224.57		58.01%	28,033,562.99

7)PresentationinOtherReceivablesDuetotheCentralizedManagementofFundNaught.

9.Prepayments

(1)ListedbyAging

Unit:RMB

Ageing	Endingbalance		Beginningbalance
Ageing	Amount	Proportion	Amount	Proportion
Withinoneyear	24,889,681.78	76.09%	18,587,036.85	76.11%
Onetotwoyears	3,300,051.28	10.09%	2,101,361.07	8.61%
Twotothreeyears	2,540,825.57	7.77%	1,640,558.43	6.72%
Overthreeyears	1,980,342.77	6.05%	2,090,822.77	8.56%
Total	32,710,901.40		24,419,779.12

Notesofthereasonsoftheprepaymentagingoveroneyearwithsignificantamountbutfailedsettledintime:

Naught.

(2)TopFiveoftheEndingBalanceofthePrepaymentsCollectedaccordingtothePrepaymentTarget

Unit:RMB

Nameoftheentity	RelationshipwiththeCompany	Endingbalance	Ageing	Proportiontototalprepayments(%)
No.1	Unrelatedparty	2,192,566.06	Withinfouryears	6.70%
No.2	Unrelatedparty	2,024,786.17	Withinoneyear	6.19%
No.3	Unrelatedparty	1,080,492.13	Withinoneyear	3.30%
No.4	Unrelatedparty	961,670.98	Withinoneyear	2.94%
No.5	Unrelatedparty	814,300.00	Withinoneyear	2.49%
Total		7,073,815.34		21.62%

10.InventoryWhethertheCompanyneedstocomplywithdisclosurerequirementsforrealestateindustryNo

(1)CategoryofInventory

Unit:RMB

Item	Endingbalance			Beginningbalance
Item	Carryingamount	Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost	Carryingvalue	Carryingamount	Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost	Carryingvalue
Rawmaterials	340,191,533.78	21,940,374.41	318,251,159.37	314,930,694.77	22,535,048.55	292,395,646.22
Goodsinprocess	213,986,865.68		213,986,865.68	229,665,213.27		229,665,213.27
Inventorygoods	1,252,833,891.25	139,671,260.73	1,113,162,630.52	1,249,130,700.18	126,346,042.26	1,122,784,657.92

Item	Endingbalance			Beginningbalance
Item	Carryingamount	Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost	Carryingvalue	Carryingamount	Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost	Carryingvalue
Goodsintransit	273,854,319.48	1,039,688.86	272,814,630.62	291,148,176.11	27,816,444.67	263,331,731.44
Semi-finishedgoods	103,588,159.96	2,638,690.27	100,949,469.69	103,638,782.42	2,492,313.51	101,146,468.91
Low-valueconsumables	2,637,603.96		2,637,603.96	1,515,044.74		1,515,044.74
Others	3,955,089.24		3,955,089.24	14,660,598.88		14,660,598.88
Total	2,191,047,463.35	165,290,014.27	2,025,757,449.08	2,204,689,210.37	179,189,848.99	2,025,499,361.38

(2)DataResourcesRecognizedasInventoryNaught.

(3)FallingPriceReservesofInventoryandDepreciationReservesofContractPerformanceCost

Unit:RMB

Item	Beginningbalance	Increase		Decrease		Endingbalance
Item	Beginningbalance	Withdrawal	Others	Reversalorwrite-off	Others	Endingbalance
Rawmaterials	22,535,048.55	676,683.67		1,271,357.81		21,940,374.41
Inventorygoods	126,346,042.26	22,805,561.00		9,480,342.53		139,671,260.73
Goodsintransit	27,816,444.67	494,490.58		27,271,246.39		1,039,688.86
Semi-finishedgoods	2,492,313.51	146,376.76				2,638,690.27
Total	179,189,848.99	24,123,112.01		38,022,946.73		165,290,014.27

Note:Intheamountreversedorchargedoffinthecurrentperiod,theamountreversedwasRMB1,778,010.83,andtheamountchargedoffwasRMB36,244,935.90.ProvisionfordepreciationinvalueofinventoriesbyportfolioNaught.ProvisionstandardsfordepreciationinvalueofinventoriesbygroupPleaserefertoNoteV-17.Inventory.

(4)NotestotheEndingBalanceofInventoriesIncludingCapitalizedBorrowingExpenseNaught

(5)AmortizationAmountofContractPerformanceCostduringtheReportingPeriodNaught

11.Held-for-SaleAssets

Unit:RMB

Item	Endingcarryingbalance	Depreciationreserves	Endingcarryingvalue	Fairvalue	Estimateddisposalexpense	Estimateddisposaltime
Houses,buildingsandlandinvolvedinexpropriation	17,147,339.84		17,147,339.84	165,208,303.00	55,718,333.95	December31,2025
Total	17,147,339.84		17,147,339.84	165,208,303.00	55,718,333.95

Othernotes:

Note:Fordetails,seePartVIII-XVIII.OtherMajorEvents-8.Other:“DemolitionMattersofNanjingFozhao”ofthisReport.Theestimateddisposalcostsincludeemployeeresettlementfees,compensationfortheterminationoftheoriginaltenant’scontract,andtaxesrelatedtotheproceedsofdemolition.

12.CurrentPortionofNon-currentAssetsNaught.

13.OtherCurrentAssets

Unit:RMB

Item	Endingbalance	Beginningbalance
InputtaxofVATtobecertifiedanddeducted	130,072,096.20	125,298,564.45

Large-valuebankcertificatesofdeposit	281,243,990.34	130,975,312.95
Advancepaymentofenterpriseincometax	1,544,945.99	2,524,237.91
Others	1,965,878.03	2,486,661.54
Total	414,826,910.56	261,284,776.85

14.InvestmentsinDebtObligationsNaught

15.OtherInvestmentsinDebtObligations

(1)ListofOtherInvestmentsinDebtObligations

Unit:RMB

Item	Beginningbalance	Accruedinterest	Interestadjustment	ChangeinfairvalueintheReportingPeriod	Endingbalance	Cost	Accumulatedchangesinfairvalue	Accumulatedimpairmentprovisionrecognizedinothercomprehensiveincome	Note
Purchaseheld-to-maturityinvestmentsin2023	417,634,469.18	6,021,698.99			423,656,168.17	400,000,000.00			Largedepositcertificateofabank
Purchaseheld-to-maturityinvestmentsin2024	722,388,394.54	9,273,150.68			731,661,545.22	707,000,000.00			Largedepositcertificateofabank
Total	1,140,022,863.72	15,294,849.67			1,155,317,713.39	1,107,000,000.00

ChangesintheimpairmentprovisionforotherinvestmentsindebtobligationsduringthecurrentperiodNaught.

(2)SignificantOtherInvestmentsinDebtObligationsatthePeriod-end

Unit:RMB

Item	Endingbalance					Beginningbalance
Item	Parvalue	Couponrate	Actualinterestrate	Maturitydate	Overdueprincipal	Parvalue	Couponrate	Actualinterestrate	Maturitydate	Overdueprincipal
LargedepositcertificateofEverbrightBank	100,000,000.00	3.30%	3.30%	January6,2026		100,000,000.00	3.30%	3.30%	January6,2026
LargedepositcertificateofBankofCommunications	50,000,000.00	2.90%	2.90%	August31,2026		50,000,000.00	2.90%	2.90%	August31,2026
LargedepositcertificateofEverbrightBank	100,000,000.00	2.90%	2.90%	November3,2026		100,000,000.00	2.90%	2.90%	November3,2026
LargedepositcertificateofBankofGuangzhou	150,000,000.00	2.95%	2.95%	December1,2026		150,000,000.00	2.95%	2.95%	December1,2026
LargedepositcertificateofBankofGuangzhou	212,000,000.00	2.75%	2.75%	February5,2027		212,000,000.00	2.75%	2.75%	February5,2027
LargedepositcertificateofEverbrightBank	55,000,000.00	2.60%	2.60%	February5,2027		55,000,000.00	2.60%	2.60%	February5,2027
LargedepositcertificateofHuaxiaBank	143,000,000.00	2.60%	2.60%	February5,2027		143,000,000.00	2.60%	2.60%	February5,2027
LargedepositcertificateofChina	82,000,000.00	2.60%	2.60%	February5,2027		82,000,000.00	2.60%	2.60%	February5,2027

Item	Endingbalance					Beginningbalance
Item	Parvalue	Couponrate	Actualinterestrate	Maturitydate	Overdueprincipal	Parvalue	Couponrate	Actualinterestrate	Maturitydate	Overdueprincipal
MerchantsBank
LargedepositcertificateofHuaxiaBank	150,000,000.00	2.60%	2.60%	March8,2027		150,000,000.00	2.60%	2.60%	March8,2027
LargedepositcertificateofChinaMerchantsBank	35,000,000.00	2.60%	2.60%	March29,2027		35,000,000.00	2.60%	2.60%	March29,2027
LargedepositcertificateofChinaMerchantsBank	30,000,000.00	2.60%	2.60%	April30,2027		30,000,000.00	2.60%	2.60%	April30,2027
Total	1,107,000,000.00					1,107,000,000.00

(3)StatusofAccruedDepreciationReservesNaught.ThebasisforthedivisionofeachphaseandthewithdrawalproportionofbaddebtprovisionPleaserefertoNoteV-20.OtherDebtInvestments.

(4)StatusofOtherInvestmentsinDebtObligationsWritten-offinCurrentPeriodNaught.

16.OtherEquityInstrumentInvestments

Unit:RMB

Nameofproject	Beginningbalance	Gainsrecordedinothercomprehensiveincomeinthecurrentperiod	Lossesrecordedinothercomprehensiveincomeinthecurrentperiod	Accumulativegainsrecordedinothercomprehensiveincomeinthecurrentperiod	Accumulativelossesrecordedinothercomprehensiveincomeinthecurrentperiod	Dividendincomerecognizedincurrentyear	Endingbalance	Reasonforassigningtomeasureinfairvalueandthechangesincludedinothercomprehensiveincome
GotionHigh-techCo.,Ltd.	363,579,045.02	186,135,432.31		264,486,123.71			310,890,551.46	Equityinstrumentsnotheldfortrading
XiamenBankCo.,Ltd.	323,502,024.60	65,962,292.25		236,506,710.02		9,177,362.40	389,464,316.85	Equityinstrumentsnotheldfortrading
ChinaGuangfaBankCo.,Ltd.	500,000.00					72,432.86	500,000.00	Equityinstrumentsnotheldfortrading
FoshanNanhaiDistrictUnitedGuangdongNewLightSourceIndustryInnovationCenter	3,000,000.00						3,000,000.00	Equityinstrumentsnotheldfortrading
BeijingGuangrongLianmengSemiconductorLightingIndustryInvestmentCenter	6,082,543.80						6,082,543.80	Equityinstrumentsnotheldfortrading

Nameofproject	Beginningbalance	Gainsrecordedinothercomprehensiveincomeinthecurrentperiod	Lossesrecordedinothercomprehensiveincomeinthecurrentperiod	Accumulativegainsrecordedinothercomprehensiveincomeinthecurrentperiod	Accumulativelossesrecordedinothercomprehensiveincomeinthecurrentperiod	Dividendincomerecognizedincurrentyear	Endingbalance	Reasonforassigningtomeasureinfairvalueandthechangesincludedinothercomprehensiveincome
(L.P.)
GuangdongRisingFinanceCo.,Ltd.	30,000,000.00					477,925.41	30,000,000.00	Equityinstrumentsnotheldfortrading
RisingBaijianwanHigh-QualityDevelopmentIndustryInvestmentFundPartnership(LimitedPartnership)							7,320,000.00	Equityinstrumentsnotheldfortrading
Total	726,663,613.42	252,097,724.56		500,992,833.73		9,727,720.67	747,257,412.11

DerecognitioninthecurrentperiodNaught.Disclosureofnon-tradingequityinstrumentinvestmentbyitems

Unit:RMB

Nameofproject	Dividendincomerecognized	Accumulativegains	Accumulativelosses	Amountofothercomprehensiveincometransferredtoretainedearnings	Reasonforassigningtomeasureinfairvalueandthechangesincludedinothercomprehensiveincome	Reasonforothercomprehensiveincometransferredtoretainedearnings
GotionHigh-techCo.,Ltd.		264,486,123.71		171,881,788.23	Notsatisfiedwiththeconditionoftradingequityinstrument	Salesofshares
XiamenBankCo.,Ltd.	9,177,362.40	236,506,710.02			Notsatisfiedwiththeconditionoftradingequityinstrument	Notapplicable
BeijingGuangrongLianmengSemiconductorLightingIndustryInvestmentCenter(L.P.)		1,505,569.32			Notsatisfiedwiththeconditionoftradingequityinstrument	Notapplicable
GuangdongRisingFinanceCo.,Ltd.	477,925.41	1,122,913.74			Notsatisfiedwiththeconditionoftradingequityinstrument	Notapplicable
Total	9,655,287.81	503,621,316.79		171,881,788.23

Othernotes:

1.NationStarOptoelectronicsisalimitedpartnerofBeijingGuangrongLianmengSemiconductorLightingIndustryInvestmentCenter(LimitedPartnership).AsatJune30,2025,NationStarOptoelectronicshasreceivedatotaldistributionofprincipalandinterestamountingtoRMB5,423,025.52fromBeijingGuangrongLianmengSemiconductorLightingIndustryInvestmentCenter(LimitedPartnership).TheaccumulatedprincipalrepaidisRMB3,917,456.20.Afterpartialrecoveryoftheinvestment,NationStarOptoelectronicsholdsa3.98%equitystakeinthepartnership.

2.NationStarOptoelectronicsisalimitedpartnerinGuangdongRisingBaiqianwanHigh-QualityDevelopmentIndustryInvestmentFundPartnership(LimitedPartnership),holdinga2.24%stake,correspondingtoasubscribedcapitalcontributionofRMB11.2million.AsofJune30,2025,NationStarOptoelectronicshadpaidinRMB7.32million.

17.Long-termReceivablesNaught.

18.Long-termEquityInvestment

Unit:RMB

Investee

Beginningbalance(carryingvalue)

Beginningbalanceofimpairmentprovision

Increase/decrease

Endingbalance(carryingvalue)

Endingbalanceofimpairmentprovision

Additionalinvestment

Reducedinvestment

Gainsandlossesrecognizedundertheequitymethod

Adjustmentofothercomprehensiveincome

Changesofotherequity

Cashbonusorprofitsannouncedtoissue

Withdrawalofimpairmentprovision

Others

I.JointVentures

II.AssociatedEnterprises

ShenzhenPrimatronix(Nanho)ElectronicsLtd.

180,300,594.89

646,719.77

180,947,314.66

Sub-total

180,300,594.89

646,719.77

180,947,314.66

Total

180,300,594.89

646,719.77

180,947,314.66

Therecoverableamountisdeterminedbasedonthenetamountofthefairvalueminusdisposalcosts

□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheexpectedfuturecashflow

□Applicable?NotapplicableThereasonforthediscrepancybetweentheforegoinginformationandtheinformationusedintheimpairmenttestsinprioryearsorexternalinformationNaught.ThereasonforthediscrepancybetweentheinformationusedintheCompany’simpairmenttestsinprioryearsandtheactualsituationofthoseyearsNaught.

19.OtherNon-currentFinancialAssetsNaught.

20.InvestmentProperty

(1)InvestmentPropertyAdoptingtheCostMeasurementMode?Applicable□Notapplicable

Unit:RMB

Item	Housesandbuildings	Landuseright	ConstructioninProgress	Total
I.Originalcarryingvalue
1.Beginningbalance	822,894,661.93	61,486,213.33		884,380,875.26
2.Increasedamountoftheperiod	53,799,926.84			53,799,926.84
(1)Outsourcing
(2)Transferfrominventories/fixedassets/constructioninprogress	53,799,926.84			53,799,926.84
(3)Increaseforbusinesscombination
3.Decreasedamountoftheperiod	503,561.13			503,561.13
(1)Disposal

Item	Housesandbuildings	Landuseright	ConstructioninProgress	Total
(2)Othertransfer	503,561.13			503,561.13
4.Endingbalance	876,191,027.64	61,486,213.33		937,677,240.97
II.Accumulativedepreciationandaccumulativeamortization
1.Beginningbalance	77,917,683.10	12,976,146.14		90,893,829.24
2.Increasedamountoftheperiod	17,913,167.15	1,108,124.73		19,021,291.88
(1)Withdrawaloramortization	16,011,084.84	1,108,124.73		17,119,209.57
(2)Transferfrominventories/fixedassets/constructioninprogress	1,902,082.31			1,902,082.31
3.Decreasedamountoftheperiod	121,873.78			121,873.78
(1)Disposal
(2)Othertransfer	121,873.78			121,873.78
4.Endingbalance	95,708,976.47	14,084,270.87		109,793,247.34
III.Depreciationreserves
1.Beginningbalance
2.Increasedamountoftheperiod
(1)Withdrawal
3.Decreasedamountoftheperiod
(1)Disposal
(2)Othertransfer

Item	Housesandbuildings	Landuseright	ConstructioninProgress	Total
4.Endingbalance
IV.Carryingvalue
1.Endingcarryingvalue	780,482,051.17	47,401,942.46		827,883,993.63
2.Beginningcarryingvalue	744,976,978.83	48,510,067.19		793,487,046.02

Therecoverableamountisdeterminedbasedonthenetamountofthefairvalueminusdisposalcosts

□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheexpectedfuturecashflow

(2)InvestmentPropertyAdoptingtheFairValueMeasurementMode

□Applicable?Notapplicable

(3)ProjectsConvertedtoInvestmentPropertiesandMeasuredatFairValueNaught.

(4)InvestmentPropertyFailedtoAccomplishCertificationofPropertyAsatDecember2025,therelevantpropertycertificatesfortheLEDWorkshop,R&DWorkshop18,someHainanFuliparkingspaces,andtheleasedportionoftheHainanproductionbasearestillinprogress.TheCompanybelievesthatobtainingsuchpropertycertificatesisnotsubjecttoanysubstantivelegalobstaclesandhasnosignificantadverseimpactontheCompany’snormaloperations.

21.FixedAssets

Unit:RMB

Item	Endingbalance	Beginningbalance
Fixedassets	3,571,748,769.66	3,646,134,662.80
Disposaloffixedassets	526,992.02	459,543.24

Total

3,572,275,761.68

3,646,594,206.04

(1)ListofFixedAssets

Unit:RMB

Item	Buildingsandstructures	Machineryequipment	Transportationequipment	Electronicequipment	Other(Note1)	Total
I.Originalcarryingvalue
1.Beginningbalance	2,446,766,384.14	5,356,958,204.94	41,393,466.76	82,849,592.26	99,370,685.94	8,027,338,334.04
2.Increasedamountoftheperiod	25,094,628.33	154,385,555.00	495,044.25	4,310,575.63	2,386,563.79	186,672,367.00
(1)Purchase	24,326,613.99	18,388,373.99	495,044.25	3,285,319.53	447,132.73	46,942,484.49
(2)TransferfromConstructioninprogress	218,383.68	135,568,512.16		877,629.20	1,896,971.37	138,561,496.41
(3)Increaseforbusinesscombination				147,626.90		147,626.90
(4)Other(Note2)	549,630.66	428,668.85			42,459.69	1,020,759.20
3.Decreasedamountoftheperiod	7,558,964.37	3,599,608.52	6,327.53	492,852.54	506,308.72	12,164,061.68
(1)Disposalorscrap	24,254.78	3,504,923.58	2,669.47	21,589.00	452,239.42	4,005,676.25
(2)Equipmenttransformation					51,282.05	51,282.05
(3)Other(Note2)	7,534,709.59	94,684.94	3,658.06	471,263.54	2,787.25	8,107,103.38
4.Endingbalance	2,464,302,048.10	5,507,744,151.42	41,882,183.48	86,667,315.35	101,250,941.01	8,201,846,639.36
II.Accumulated

Item	Buildingsandstructures	Machineryequipment	Transportationequipment	Electronicequipment	Other(Note1)	Total
amortization
1.Beginningbalance	722,456,586.96	3,482,012,719.28	29,416,209.26	59,344,753.72	79,591,132.16	4,372,821,401.38
2.Increasedamountoftheperiod	55,795,012.28	189,649,936.18	1,733,624.94	5,325,667.39	2,672,338.12	255,176,578.91
(1)Withdrawal	55,673,138.50	189,242,700.73	1,733,624.94	5,231,533.42	2,632,001.41	254,512,999.00
(2)Increaseforbusinesscombination				94,133.97		94,133.97
(3)Other(Note2)	121,873.78	407,235.45			40,336.71	569,445.94
3.Decreasedamountoftheperiod	1,936,895.05	3,372,740.41	3,621.48	468,647.14	500,476.37	6,282,380.45
(1)Disposalorscrap	14,807.54	3,336,481.43		20,941.33	446,947.77	3,819,178.07
(2)Equipmenttransformation					50,769.23	50,769.23
(3)Other(Note2)	1,922,087.51	36,258.98	3,621.48	447,705.81	2,759.37	2,412,433.15
4.Endingbalance	776,314,704.19	3,668,289,915.05	31,146,212.72	64,201,773.97	81,762,993.91	4,621,715,599.84
III.Depreciationreserves
1.Beginningbalance		8,375,870.55		3,454.52	2,944.79	8,382,269.86
2.Increasedamountoftheperiod
(1)Withdrawal
3.Decreasedamountofthe

Item	Buildingsandstructures	Machineryequipment	Transportationequipment	Electronicequipment	Other(Note1)	Total
period
(1)Disposalorscrap
4.Endingbalance		8,375,870.55		3,454.52	2,944.79	8,382,269.86
IV.Carryingvalue
1.Endingcarryingvalue	1,687,987,343.91	1,831,078,365.82	10,735,970.76	22,462,086.86	19,485,002.31	3,571,748,769.66
2.Beginningcarryingvalue	1,724,309,797.18	1,866,569,615.11	11,977,257.50	23,501,384.02	19,776,608.99	3,646,134,662.80

Note1:FixedAssets-OtherrefertocoolingsystemandsewagetreatmentstationofNationStarOptoelectronicsandinstrumentsandimplementofLiaowangAutoLamp.Note2:Changesintheoriginalcarryingvalueandaccumulatedamortizationaremainlyduetotheadditionofancillaryfacilitiestobuildingsandstructures,reclassificationsbetweeninvestmentpropertyandfixedassetsduetochangesinbuildingusageduringthecurrentperiod,andoutwardtransferofinputVATduringthecurrentperiod.

(2)ListofTemporarilyIdleFixedAssetsNaught.

(3)FixedAssetsLeasedoutbyOperationLeaseNaught.

(4)FixedAssetsFailedtoAccomplishCertificationofPropertyOthernotes:

TheCompany’sFuwanEnergySavingLampWorkshop2,GlassWorkshop8,GlassWorkshop9,FluorescentLampWorkshop,StandardWorkshopA,HainanProductionBase(self-usepart),FuwanEmployeeVillageFamilyDormitoryBuildings2-6,FamilyDormitoryBuilding8,FuwanIndustrialParkEmployeeVillageDormitoryBuildings01-04,FuwanEmployeeVillageDormitoryBuildingsA,2,3,5,6,7,10to13,andEmployeeApartmentBuildings1-4havebeencompletedandputintouseandcarriedforwardfixedassets.AsatJune30,2025,therelevantpropertycertificatesarestillinprogress.TheCompanybelievesthatobtainingsuchpropertycertificatesisnotsubjecttoanysubstantivelegalobstaclesandhasnosignificantadverseimpactontheCompany’snormaloperations.

(5)ImpairmentTestofFixedAssets

□Applicable?Notapplicable

(6)ProceedsfromDisposalofFixedAssets

Unit:RMB

Item	Endingbalance	Beginningbalance
Equipment	526,992.02	459,543.24
Total	526,992.02	459,543.24

22.ConstructioninProgress

Unit:RMB

Item	Endingbalance	Beginningbalance
Constructioninprogress	293,945,488.06	263,601,705.89
Total	293,945,488.06	263,601,705.89

(1)ListofConstructioninProgress

Unit:RMB

Item	Endingbalance			Beginningbalance
Item	Carryingamount	Depreciationreserves	Carryingvalue	Carryingamount	Depreciationreserves	Carryingvalue
Constructioninprogress	295,540,307.20	1,594,819.14	293,945,488.06	265,196,525.03	1,594,819.14	263,601,705.89
Total	295,540,307.20	1,594,819.14	293,945,488.06	265,196,525.03	1,594,819.14	263,601,705.89

(2)ChangesinSignificantConstructioninProgressduringtheReportingPeriod

Unit:RMB

Nameofproject

Budget

Beginningbalance

Increasedamount

Transferredinfixedassets

Otherdecreasedamounts

Endingbalance

Proportionofaccumulativeinvestmentinconstructionstobudget

Jobschedule

Accumulativeamountofinterestcapitalization

Ofwhich:AmountofcapitalisedinterestsfortheReportingPeriod

CapitalizationrateofinterestsfortheReportingPeriod

Capitalresources

TheProject

1,714,546,70

203,811,312.45

120,379,063.

75,605,828.61

11,187,154.31

237,397,393.

45.40%

645,610.61

Self-financing

Nameofproject

Budget

Beginningbalance

Increasedamount

Transferredinfixedassets

Otherdecreasedamounts

Endingbalance

Proportionofaccumulativeinvestmentinconstructionstobudget

Jobschedule

Accumulativeamountofinterestcapitalization

Ofwhich:AmountofcapitalisedinterestsfortheReportingPeriod

CapitalizationrateofinterestsfortheReportingPeriod

Capitalresources

oftheGeelyIndustrialPark

0.00

andborrowing

Total

1,714,546,700.00

203,811,312.45

120,379,063.88

75,605,828.61

11,187,154.31

237,397,393.41

645,610.61

(3)ListoftheWithdrawaloftheDepreciationReservesforConstructioninProgressNaught.

(4)ImpairmentTestofConstructioninProgress

□Applicable?Notapplicable

(5)EngineeringMaterialsNaught.

23.ProductiveLivingAssetsNaught.

24.OilandGasAssetsNaught.

25.Right-of-useAssets

(1)ListofRight-of-useAssets

Unit:RMB

Item	Housesandbuildings	Machineryequipment	Other	Total
I.Originalcarryingvalue
1.Beginningbalance	31,539,171.10	1,096,398.96	75,471.70	32,711,041.76

Item	Housesandbuildings	Machineryequipment	Other	Total
2.Increasedamountoftheperiod	1,249,716.67			1,249,716.67
(1)Leasedin	1,249,716.67			1,249,716.67
3.Decreasedamountoftheperiod	1,054,446.31			1,054,446.31
(1)Disposal	1,054,446.31			1,054,446.31
4.Endingbalance	31,734,441.46	1,096,398.96	75,471.70	32,906,312.12
II.Accumulatedamortization
1.Beginningbalance	9,940,040.61	383,976.64	44,025.17	10,368,042.42
2.Increasedamountoftheperiod	5,099,604.70	274,099.74	18,867.90	5,392,572.34
(1)Withdrawal	5,099,604.70	274,099.74	18,867.90	5,392,572.34
3.Decreasedamountoftheperiod	994,263.36			994,263.36
(1)Disposal	994,263.36			994,263.36
4.EndingBalance	14,045,381.95	658,076.38	62,893.07	14,766,351.40
III.Depreciationreserves
1.Beginningbalance
2.Increasedamountoftheperiod
(1)Withdrawal
3.Decreasedamountoftheperiod
(1)Disposal
4.Endingbalance
IV.Carryingvalue
1.Endingcarryingvalue	17,689,059.51	438,322.58	12,578.63	18,139,960.72
2.Beginningcarryingvalue	21,599,130.49	712,422.32	31,446.53	22,342,999.34

(2)ImpairmentTestofRight-of-useAssets

□Applicable?Notapplicable

26.IntangibleAssets

(1)ListofIntangibleAssets

Unit:RMB

Item	Landuseright	Patent	Non-patenttechnology	Software	Trademark	Other(Note)	Total
I.Originalcarryingvalue
1.Beginningbalance	369,823,060.63	38,099,524.86		82,321,557.78	27,020,000.00	3,470,000.00	520,734,143.27
2.Increasedamountoftheperiod				5,001,661.27	2,950,600.00		7,952,261.27
(1)Purchase				5,001,661.27			5,001,661.27
(2)InternalR&D
(3)Increaseforbusinesscombination					2,950,600.00		2,950,600.00
3.Decreasedamountoftheperiod		1,547.17					1,547.17
(1)Disposal
(2)Other		1,547.17					1,547.17
4.Endingbalance	369,823,060.63	38,097,977.69		87,323,219.05	29,970,600.00	3,470,000.00	528,684,857.37
II.Accumulatedamortization
1.Beginningbalance	72,311,396.30	25,018,656.50		33,546,324.78	1,125,833.35	144,583.35	132,146,794.28
2.Increasedamountoftheperiod	3,858,565.32	994,694.77		6,389,503.87	1,400,176.69	173,500.02	12,816,440.67
(1)Withdrawal	3,858,565.32	994,694.77		6,389,503.87	1,400,176.69	173,500.02	12,816,440.67
3.Decreasedamountoftheperiod		180.53					180.53

Item	Landuseright	Patent	Non-patenttechnology	Software	Trademark	Other(Note)	Total
(1)Disposal
(2)Other		180.53					180.53
4.Endingbalance	76,169,961.62	26,013,170.74		39,935,828.65	2,526,010.04	318,083.37	144,963,054.42
III.Depreciationreserves
1.Beginningbalance
2.Increasedamountoftheperiod
(1)Withdrawal
3.Decreasedamountoftheperiod
(1)Disposal
4.Endingbalance
IV.Carryingvalue
1.Endingcarryingvalue	293,653,099.01	12,084,806.95		47,387,390.40	27,444,589.96	3,151,916.63	383,721,802.95
2.Beginningcarryingvalue	297,511,664.33	13,080,868.36		48,775,233.00	25,894,166.65	3,325,416.65	388,587,348.99

Note:IntangibleAssets—“Other”mainlyreferstosoftwarecopyrights.TheproportionofintangibleassetsformedfromtheinternalR&DoftheCompanyattheperiod-endtotheendingbalanceofintangibleassetswas0.00%.

(2)DataResourcesRecognizedasIntangibleAssetsNaught.

(3)LandUseRightwithCertificateofTitleUncompletedNaught.

(4)ImpairmentTestofIntangibleAssets

□Applicable?Notapplicable

27.Goodwill

(1)OriginalCarryingValueofGoodwill

Unit:RMB

Nameoftheinvestedunitsoreventsgeneratinggoodwill	Beginningbalance	Increase	Decrease	Endingbalance
Nameoftheinvestedunitsoreventsgeneratinggoodwill	Beginningbalance	Formedbybusinesscombination	Disposal	Endingbalance
FoshanNationStarOptoelectronicsCo.,Ltd.	405,620,123.64			405,620,123.64
NanningLiaowangAutoLampCo.,Ltd.	16,211,469.82			16,211,469.82
BeijingAirtrustAviationTechnologyCo.,Ltd.		125,552.07		125,552.07
Total	421,831,593.46	125,552.07		421,957,145.53

(2)GoodwillImpairmentProvisions

Unit:RMB

Nameoftheinvestedunitsoreventsgeneratinggoodwill	Beginningbalance	Increase	Decrease	Endingbalance
Nameoftheinvestedunitsoreventsgeneratinggoodwill	Beginningbalance	Withdrawal	Disposal	Endingbalance
FoshanNationStarOptoelectronicsCo.,Ltd.	142,393,052.68			142,393,052.68
Total	142,393,052.68			142,393,052.68

28.Long-termPrepaidExpense

Unit:RMB

Item	Beginningbalance	Increasedamount	Amortizationamountoftheperiod	Otherdecreasedamount	Endingbalance
Mould	180,708,464.33	48,318,682.13	31,204,596.70	21,037,782.33	176,784,767.43
Expenseonmaintenanceanddecoration	64,783,900.72	17,911,930.93	14,674,584.46	1,723.46	68,019,523.73
Boardingbox	313,010.00		103,633.88		209,376.12
Others	7,219,120.77	3,389,160.58	2,004,605.78		8,603,675.57
Total	253,024,495.82	69,619,773.64	47,987,420.82	21,039,505.79	253,617,342.85

OthernotesOtherdecreaseamountwasmainlyduetothedisposalofmolds

29.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities

(1)DeferredIncomeTaxAssetsthathadnotBeenOff-set

Unit:RMB

Item	Endingbalance		Beginningbalance
Item	Deductibletemporarydifference	Deferredincometaxassets	Deductibletemporarydifference	Deferredincometaxassets
Provisionforimpairmentofassets	453,198,893.30	69,193,986.12	437,165,619.65	66,540,210.84
Unrealizedprofitofinternaltransactions	47,409,166.20	7,111,374.93	67,232,648.57	10,084,897.28
Deductibleloss	222,913,091.73	36,729,051.10	205,026,280.47	33,375,483.69
Depreciationoffixedassets	41,027,390.87	6,154,108.63	45,661,228.34	6,849,184.25
Accruedliabilities	26,914,403.37	4,037,160.50	27,430,683.82	4,114,602.59
Changesinthefairvalueoftradingfinancialassets	368,641.02	55,296.15	636,322.31	95,448.35
Estimatedexpense	77,864,074.81	12,884,866.41	59,384,034.04	8,907,605.11

Leaseliabilitiesandothers	31,915,351.06	5,389,296.19	34,868,832.74	5,980,792.80
Total	901,611,012.36	141,555,140.03	877,405,649.94	135,948,224.91

(2)DeferredIncomeTaxLiabilitiesHadnotBeenOff-set

Unit:RMB

Item	Endingbalance		Beginningbalance
Item	Taxabletemporarydifference	Deferredincometaxliabilities	Taxabletemporarydifference	Deferredincometaxliabilities
Assetsassessmentappreciationfrombusinessconsolidationnotunderthesamecontrol	146,948,206.73	22,188,702.59	151,028,108.51	22,654,216.26
Changesinfairvalueofotherinvestmentsinequityinstruments	495,142,833.72	74,271,425.06	445,258,977.65	66,788,846.65
Changesinthefairvalueoftradingfinancialassets	1,043,668.13	156,550.22	736,537.65	110,480.65
One-offdepreciationoffixedassets	594,843,119.81	89,226,467.98	615,396,814.10	92,309,522.12
Right-of-useassetsandothers	18,771,766.87	3,461,029.56	22,342,999.38	4,058,203.61
Total	1,256,749,595.26	189,304,175.41	1,234,763,437.29	185,921,269.29

(3)DeferredIncomeTaxAssetsorLiabilitiesListedbyNetAmountafterOff-set

Unit:RMB

Item	Mutualset-offamountofdeferredincometaxassetsandliabilitiesattheperiod-end	Amountofdeferredincometaxassetsorliabilitiesafteroff-setattheperiod-end	Mutualset-offamountofdeferredincometaxassetsandliabilitiesattheperiod-begin	Amountofdeferredincometaxassetsorliabilitiesafteroff-setattheperiod-begin
Deferredincometaxassets		141,555,140.03		135,948,224.91
Deferredincometaxliabilities		189,304,175.41		185,921,269.29

(4)ListofUnrecognizedDeferredIncomeTaxAssetsNaught.

(5)DeductibleLossesofUnrecognizedDeferredIncomeTaxAssetswillDueintheFollowingYearsNaught.

30.OtherNon-currentAssets

Unit:RMB

Item	Endingbalance			Beginningbalance
Item	Carryingamount	Depreciationreserves	Carryingvalue	Carryingamount	Depreciationreserves	Carryingvalue
Contractassets	467,940.84	33,626.88	434,313.96	389,288.95	20,492.17	368,796.78
Long-termassetstobedisposed	165,522,692.24		165,522,692.24	103,788,056.44		103,788,056.44
Prepaidlong-termassetsacquisitionfunds	36,085,714.00		36,085,714.00	36,085,714.00		36,085,714.00
Advancepaymentforequipmentandproject	51,956,326.93		51,956,326.93	59,359,531.60		59,359,531.60
Prepaymentforequityacquisition	10,000,000.00	10,000,000.00		10,000,000.00	10,000,000.00
Others	1,161,418.97		1,161,418.97	1,163,686.77		1,163,686.77
Total	265,194,092.98	10,033,626.88	255,160,466.10	210,786,277.76	10,020,492.17	200,765,785.59

Note:Thelong-termassetsexpectedtobedisposedofmainlyincludethelanduserightsoftheplotatNo.64,FenjiangNorthRoad,whichistobetransferredanddisposedof,aswellasthedisposalcostsoftheplot.

31.AssetswithRestrictedOwnershiporRightofUse

Unit:RMB

Item	Period-end				Period-beginning
Item	Carryingamount	Carryingvalue	Typeofrestriction	Statusofrestriction	Carryingamount	Carryingvalue	Typeofrestriction	Statusofrestriction
Monetary	524,122,497.12	524,122,497.12	Restricted	Billdeposit,	512,340,403.99	512,340,403.99	Restricted	Billdeposit,

Item	Period-end				Period-beginning
Item	Carryingamount	Carryingvalue	Typeofrestriction	Statusofrestriction	Carryingamount	Carryingvalue	Typeofrestriction	Statusofrestriction
Assets			use	guaranteedeposit,pre-salehousepayment,etc.			use	guaranteedeposit,pre-salehousepayment,etc
Notesreceivable	830,930,917.23	830,930,917.23	Pledge,endorsedordiscountedbutnotyetdue	Pledgeofbillpool,billsreceivableendorsedordiscountedandnotdue	951,909,082.20	951,909,082.20	Pledge,endorsedordiscountedbutnotyetdue	Pledgeofbillpool,billsreceivableendorsedordiscountedandnotdue
Fixedassets	348,161,016.79	207,316,221.86	Pledge	Mortgageguaranteeofrelatedparties	348,161,016.79	211,977,100.96	Pledge	Mortgageguaranteeofrelatedparties
Intangibleassets	15,551,408.00	10,263,929.82	Pledge	Mortgageguaranteeofrelatedparties	15,551,408.00	10,341,686.87	Pledge	Mortgageguaranteeofrelatedparties
Accountsreceivablefinancing	7,600,759.79	7,600,759.79	Pledged	Pledgeofbillpool	25,328,943.24	25,328,943.24	Pledged	Pledgeofbillpool
Othernon-currentassets	663.57	663.57	Frozen	Frozenfunds	2,931.37	2,931.37	Frozen	Frozenfunds
Otherdebtinvestments					103,309,041.10	103,309,041.10		Frozenlarge-denominationcertificatesofdeposit
Total	1,726,367,262.50	1,580,234,989.39			1,956,602,826.69	1,815,209,189.73

32.Short-termBorrowings

(1)CategoryofShort-termBorrowings

Unit:RMB

Item	Endingbalance	Beginningbalance
Pledgedloans		39,850,000.00
Mortgageloans	8,000,000.00	28,000,000.00
Creditborrowings	177,042,562.45	234,995,981.93
Acceptancebilldiscount	14,556,611.51	4,282,836.39
Interestfromshort-termborrowings		12,329.17
Total	199,599,173.96	307,141,147.49

Noteofthecategoryforshort-termloans:

Notesdiscountedbutnotyetdueattheendoftheperioddonotmeettheconditionsforderecognition.Therefore,theyarerecognizedasshort-termborrowings.

(2)ListoftheShort-termBorrowingsOverduebutnotReturnedNaught.

33.TradingFinancialLiabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Held-for-tradingfinancialliabilities		275,250.00
Including:
Other		275,250.00
Total		275,250.00

34.DerivativeFinancialLiabilitiesNaught.

35.NotesPayable

Unit:RMB

Category	Endingbalance	Beginningbalance
Bankacceptancebill	1,781,207,077.08	1,930,784,817.62
Total	1,781,207,077.08	1,930,784,817.62

ThetotalamountoftheduebutnotpaidnotespayableattheendoftheperiodwasofRMB0.00.

36.AccountsPayable

(1)ListofAccountsPayable

Unit:RMB

Item	Endingbalance	Beginningbalance
Accountspayable	2,765,954,401.30	2,781,965,096.70
Total	2,765,954,401.30	2,781,965,096.70

(2)SignificantAccountsPayableAgingoverOneYearorOverdue

Unit:RMB

Item	Endingbalance	Reasonfornotrepaymentorcarry-over
UnitA	81,073,448.55	Ithasnotreachedthesettlementperiod
Total	81,073,448.55

37.OtherPayables

Unit:RMB

Item	Endingbalance	Beginningbalance
Dividendspayable	188,359,258.07
Otherpayables	480,976,630.56	495,717,050.97
Total	669,335,888.63	495,717,050.97

(1)InterestPayableNaught.

(2)DividendsPayable

Unit:RMB

Item	Endingbalance	Beginningbalance
Ordinarysharedividends	184,293,387.60
Other	4,065,870.47
Total	188,359,258.07

(3)OtherPayables

1)OtherPayablesListedbyNature

Unit:RMB

Item	Endingbalance	Beginningbalance
Transactionamount	208,201,244.02	208,777,778.90
Performancebond	85,303,654.73	96,583,554.73
Relevantexpenseofsales	79,290,940.23	87,551,768.43
Paymentsfordemolition	34,831,884.30	34,898,417.30
Paymentforequitytransfer	16,366,572.00	16,366,572.00
Others	56,982,335.28	51,538,959.61
Total	480,976,630.56	495,717,050.97

2)SignificantOtherAccountsPayableAgingoverOneYearorOverdue

Unit:RMB

Item	Endingbalance	Reasonfornotrepaymentorcarry-over
UnitA	79,046,577.48	Ithasnotreachedthesettlementperiod
Total	79,046,577.48

38.AdvancesfromCustomers

(1)ListofAdvancesfromCustomers

Unit:RMB

Item	Endingbalance	Beginningbalance
Advancepaymentsreceived	265,779.84	163,623.85
Landreservepayment	13,367,850.30	13,367,850.30
Total	13,633,630.14	13,531,474.15

(2)SignificantAdvancesfromCustomersAgingoverOneYearorOverdueNaught.

39.ContractLiability

Unit:RMB

Item	Endingbalance	Beginningbalance
Advancesonsales	142,244,278.82	119,506,301.48
Total	142,244,278.82	119,506,301.48

Significantcontractliabilitiesagingoveroneyear:Naught.

40.PayrollPayable

(1)ListofPayrollPayable

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
I.Short-termsalary	200,892,219.93	682,061,966.06	714,249,652.25	168,704,533.74
II.Post-employmentbenefit-definedcontributionplans	1,620,912.77	71,397,561.93	71,302,971.74	1,715,502.96
III.Terminationbenefits	12,137,955.76	2,921,356.41	9,431,301.03	5,628,011.14
Total	214,651,088.46	756,380,884.40	794,983,925.02	176,048,047.84

(2)ListofShort-termSalary

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
1.Salary,bonus,allowance,subsidy	197,310,106.14	592,022,731.39	623,904,434.50	165,428,403.03
2.Employeewelfare	39,061.65	33,286,660.66	33,292,052.71	33,669.60
3.Socialinsurance	662,261.81	29,115,632.55	29,176,810.23	601,084.13
Ofwhich:Medicalinsurancepremiums	566,202.62	26,359,592.93	26,423,567.44	502,228.11
Work-relatedinjuryinsurance	96,059.19	2,756,039.62	2,753,242.79	98,856.02
4.Housingfund	509,881.17	21,867,279.88	21,778,251.34	598,909.71
5.Laborunionbudgetandemployeeeducationbudget	2,370,909.16	5,769,661.58	6,098,103.47	2,042,467.27
Total	200,892,219.93	682,061,966.06	714,249,652.25	168,704,533.74

(3)ListofDefinedContributionPlans

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
1.Basicpensionbenefits	1,165,716.90	65,724,442.96	65,684,954.97	1,205,204.89
2.Unemploymentinsurance	37,636.78	2,648,111.22	2,646,728.33	39,019.67
3.Annuity	417,559.09	3,025,007.75	2,971,288.44	471,278.40
Total	1,620,912.77	71,397,561.93	71,302,971.74	1,715,502.96

Othernotes:

TheCompanyparticipatesintheschemeofpensioninsuranceandunemploymentinsuranceestablishedbygovernmentagenciesasrequired.Accordingtothescheme,feesarepaidtoitonamonthlybasisandattherateofstipulatedbygovernmentagencies.Inadditiontotheabovemonthlydepositfees,theCompanynolonger

assumesfurtherpaymentobligations.Correspondingexpensesarerecordedintothecurrentprofitsorlossesorthecostofrelatedassetswhenincurred.

41.TaxesPayable

Unit:RMB

Item	Endingbalance	Beginningbalance
VAT	22,061,381.45	20,024,672.48
Corporateincometax	38,596,999.98	70,202,563.56
Personalincometax	1,885,724.05	10,342,055.07
Citymaintenanceandconstructiontax	2,128,620.26	1,622,938.34
Propertytax	8,056,557.86	1,631,337.72
Landusetax	2,412,804.10	313,705.15
Stamptax	1,437,782.97	1,757,727.88
Educationsurcharge	1,098,284.53	695,000.38
Localeducationsurcharge	602,863.68	458,383.14
Others	392,113.13	36,776.67
Total	78,673,132.01	107,085,160.39

42.LiabilitiesHeldforsaleNaught.

43.Non-currentLiabilitiesDuewithinOneYear

Unit:RMB

Item	Endingbalance	Beginningbalance
Currentportionoflong-termborrowings	146,435,517.57	112,386,714.93
Currentportionofleaseliabilities	8,514,743.95	8,188,073.88
Total	154,950,261.52	120,574,788.81

44.OtherCurrentLiabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Reversednotesthatareendorsedandundue	383,377,930.48	368,196,176.60
Endorsedbutnotyetterminatedrecognition	1,050,000.00	1,050,000.00
PendingchangeoveroutputVATandothers	10,331,350.17	7,910,035.80
Total	394,759,280.65	377,156,212.40

45.Long-termBorrowings

(1)CategoryofLong-termBorrowings

Unit:RMB

Item	Endingbalance	Beginningbalance
Mortgageloans	38,731,836.84	39,680,861.51
Creditborrowings	239,143,868.34	295,287,783.96
Less:Currentportionoflong-termborrowings	146,435,517.57	112,386,714.93
Total	131,440,187.61	222,581,930.54

46.BondsPayableNaught.

47.LeaseLiabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Leasingliabilities	21,685,561.49	25,185,296.61
Less:Unrecognizedfinancingexpenses	1,790,044.91	1,973,229.62

Less:currentportionofleaseliabilities	8,514,743.95	8,188,073.88
Total	11,380,772.63	15,023,993.11

Othernotes:

Analysisofmaturityfateofleaseliabilities

Item	Endingbalance	Beginningbalance
Onetotwoyears	6,743,657.94	7,538,905.81
Threetofiveyears	2,261,917.77	4,826,977.55
Overfiveyears	2,375,196.92	2,658,109.75
Total	11,380,772.63	15,023,993.11

48.Long-termAccountsPayableNaught.

49.Long-termEmployeeBenefitsPayableNaught.

50.Provisions

Unit:RMB

Item	Endingbalance	Beginningbalance	Formedreason
Pendinglitigation		2,110,312.84	Contractdispute
Productqualityassurance	26,914,403.37	25,320,370.98	Provisionforproductqualityguaranteeexpenses
Total	26,914,403.37	27,430,683.82

51.DeferredIncome

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance	Formedreason
Government	73,739,179.94	31,526,945.90	13,777,235.43	91,488,890.41	Government

grants					allocations
Total	73,739,179.94	31,526,945.90	13,777,235.43	91,488,890.41

Othernotes:

Unit:RMB

Item	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountrecordedintootherincomeintheReportingPeriod	AmountoffsetcostintheReportingPeriod	Otherchanges	Endingbalance	Relatedtoassets/relatedincome
Governmentgrantsrelatedtoassets	68,183,747.38	27,697,519.13		9,681,661.12			86,199,605.39
Small-pitchLEDPackagingTechnologyInnovationforDisplayandKeyPackagingEquipmentTechnologyTransformationProject	9,322,107.78	9,444,242.88		1,619,089.44			17,147,261.22	Relatedtoassets
TechnologyRenovationProjectfortheProductionLineofMicroandFlip-chipLEDChips.	2,001,695.76	12,225,583.00		862,079.46			13,365,199.30	Relatedtoassets
GovernmentSubsidyforAnnualFixedAssetInvestmentinAdvancedManufacturingandOil&GasExtractionProjects	8,677,987.50			222,512.52			8,455,474.98	Relatedtoassets
Small-pitchandOutdoorLEDDisplayDeviceExpansionProjectandTechnicalTransformationProject	10,003,945.76			2,032,275.84			7,971,669.92	Relatedtoassets
TheProjectoftheInnovationinPackagingTechnologyandTechnologicalTransformationofKeyPackagingEquipmentofLEDswithHighColorRenderingIndexforIllumination	6,052,565.77			785,363.70			5,267,202.07	Relatedtoassets

Item	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountrecordedintootherincomeintheReportingPeriod	AmountoffsetcostintheReportingPeriod	Otherchanges	Endingbalance	Relatedtoassets/relatedincome
TheSecondBatchofUltra-long-termSpecialGovernmentBondProjectSubsidiesfor2024.	5,162,500.00			262,500.00			4,900,000.00	Relatedtoassets
SpecialProjectonDeep-seaTechnologyIndustryPromotion(IndustryDevelopmentCategory)ofHainanDeep-SeaTechnologyInnovationCenter-ProjectonBuildingandCommercialOperationofDeep-seaLightingProductProductionLine	1,200,000.00	1,600,000.00		159,660.04			2,640,339.96	Relatedtoassets
EquipmentsubsidyforGaozhouProductionBaseConstructionProject		2,504,336.13		22,407.54			2,481,928.59	Relatedtoassets
IntelligentTechnologyReformProjectofLEDPackagingWorkshopinGeelyIndustrialPark(PhaseI)	620,755.00	1,683,357.12					2,304,112.12	Relatedtoassets
2023AutomotiveLampProductionDigitalizationWorkshopTechnologyImprovementProject	2,129,000.00			123,000.00			2,006,000.00	Relatedtoassets
ResearchontheThird-generationSemiconductorPowerDeviceandModulePackagingTechnology	1,871,395.37			167,493.66			1,703,901.71	Relatedtoassets
TheFirstBatchof2022SpecialFundsforIndustrialTechnologicalTransformationbytheFinanceBureauofLiangJiangNewArea	1,792,000.00			128,000.00			1,664,000.00	Relatedtoassets

Item	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountrecordedintootherincomeintheReportingPeriod	AmountoffsetcostintheReportingPeriod	Otherchanges	Endingbalance	Relatedtoassets/relatedincome
TheSecondBatchofSupportFundsforthe“TechnologicalTransformationofThousandsofEnterprises”intheGuangxiZhuangAutonomousRegionfor2021	1,366,666.54			100,000.02			1,266,666.52	Relatedtoassets
TheProjectofResourceConservationandEnvironmentalProtection	1,425,234.20			343,999.98			1,081,234.22	Relatedtoassets
The2019SecondBatchofSpecialFundsofRMB3millionfortheIndustrialandInformationDevelopmentoftheCity	1,200,000.00			150,000.00			1,050,000.00	Relatedtoassets
TheFirstBatchofSpecialFundsfortheIndustrialandInformationDevelopmentfortheGuangxiZhuangAutonomousRegionfor2017(TechnologicalTransformation)forLiuzhouGuige	966,666.97			199,999.98			766,666.99	Relatedtoassets
TheProjectoftheFirstBatchofSupportFundsforEnterprisesinLiuzhouCityfor2017forLiuzhouGuige	900,000.00			150,000.00			750,000.00	Relatedtoassets
ResearchandDevelopmentandIndustrializationProjectofPotassiumNitride-basedRfDevicesintheFieldofNextGenerationMobileCommunication	743,787.06			56,798.76			686,988.30	Relatedtoassets
The201914thBatchofIndustrialSupportFundsofRMB1.5million	600,000.00			75,000.00			525,000.00	Relatedtoassets

Item	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountrecordedintootherincomeintheReportingPeriod	AmountoffsetcostintheReportingPeriod	Otherchanges	Endingbalance	Relatedtoassets/relatedincome
TheFirstBatchofSpecialFundsforSmallandMedium-sizedEnterprisesin2022	490,000.00			35,000.00			455,000.00	Relatedtoassets
2021AutomotiveIndustryEnterpriseIntelligentTransformationandUpgradingProjectFunding	419,333.18			34,000.02			385,333.16	Relatedtoassets
LiuzhouGuige'sThirdBatchofGuangxiInnovation-drivenDevelopmentSpecialAssetProjectsin2018	424,000.00			48,000.00			376,000.00	Relatedtoassets
LiuzhouGuige2017LiudongNewDistrictEnterprisePotentialDevelopmentandRenovationFund	450,000.00			75,000.00			375,000.00	Relatedtoassets
ProjectFundsfromtheLiuzhouHigh-techIndustrialDevelopmentZoneManagementCommittee	384,000.16			31,999.98			352,000.18	Relatedtoassets
GuangdongProvincialSemiconductorMicrodisplayEnterpriseKeyLaboratory(2020)	359,125.20			37,718.70			321,406.50	Relatedtoassets
ResearchandDevelopmentandIndustrializationofMulti-modeLow-powerWide-areaIoTNodeChipsandPackagingTechnologiesBasedonNB-IoT	323,894.00			18,915.90			304,978.10	Relatedtoassets

Item	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountrecordedintootherincomeintheReportingPeriod	AmountoffsetcostintheReportingPeriod	Otherchanges	Endingbalance	Relatedtoassets/relatedincome
Others	9,297,087.13	240,000.00		1,940,845.58			7,596,241.55	Relatedtoassets
Governmentgrantsrelatedtoincome	5,555,432.56	3,829,426.77		4,095,574.31			5,289,285.02
ResearchProjectonKeyTechnologiesoftheThirdGenerationofHighEfficiencyandFrequencySemiconductorElectronicPowerModule	1,639,002.82			33,235.86			1,605,766.96	Relatedtoincome
TheResearchontheKeyTechnologyof4K/8KFull-colorMicro-LEDDisplayswithUltraHighDefinition(UHD)	1,344,000.00						1,344,000.00	Relatedtoincome
TheResearchonFull-colourandIntegratedPackagingofMicro-LEDDisplaywithHighBrightnessandContrast	990,013.59			59,918.46			930,095.13	Relatedtoincome
MDLProject	840,000.00						840,000.00	Relatedtoincome
Others	742,416.15	3,829,426.77		4,002,419.99			569,422.93	Relatedtoincome

Item	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountrecordedintootherincomeintheReportingPeriod	AmountoffsetcostintheReportingPeriod	Otherchanges	Endingbalance	Relatedtoassets/relatedincome
Total	73,739,179.94	31,526,945.90		13,777,235.43			91,488,890.41

52.OtherNon-currentLiabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
PendingchangeoveroutputVAT	174,986.26	174,986.26
Other	663.57	2,931.37
Total	175,649.83	177,917.63

53.ShareCapital

Unit:RMB

	Beginningbalance	Increase/decrease(+/-)					Endingbalance
	Beginningbalance	Newissues	Bonusshares	Bonusissuefromprofit	Others	Sub-total	Endingbalance
Totalshares	1,548,778,230.00				-13,000,000.00	-13,000,000.00	1,535,778,230.00

Note:OtherreferstotheCompany’scancellationof13millionA-sharesheldintherepurchasespecialsecuritiesaccountonJanuary10,2025,withacorrespondingreductioninregisteredcapital.Followingthiscancellation,theCompany’stotalsharecapitalchangedfrom1,548,778,230sharesto1,535,778,230shares.Othernotes:

Unit:RMB

Item/Investor	Beginningbalance		Increase	Decrease	Endingbalance
Item/Investor	Investedamount	Proportion	Increase	Decrease	Investedamount	Proportion
Restrictedshares	57,295,457.00	3.70%		46,796,039.00	10,499,418.00	0.68%
Unrestrictedshares	1,491,482,773.00	96.30%	46,796,039.00	13,000,000.00	1,525,278,812.00	99.32%
Total	1,548,778,230.00	100.00%	46,796,039.00	59,796,039.00	1,535,778,230.00	100.00%

54.OtherEquityInstrumentNaught.

55.CapitalReserves

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
Capitalpremium(premiumonstock)	907,090,354.12		70,818,369.76	836,271,984.36
Othercapitalreserves	7,245,971.54			7,245,971.54
Total	914,336,325.66		70,818,369.76	843,517,955.90

Othernotes,includingadescriptionoftheincreaseordecreaseforthecurrentperiodandthereasonsforthechange:

Capitalpremium(premiumonstock)decreasedbyRMB70,818,369.76inthecurrentperiod,whichweremainlydueto

1.TheCompanycancelleditsstocksharesonJanuary10,2025,resultinginaRMB69,165,144.15decreaseinthecapitalreserve;

2.Theacquisitionofnon-controllinginterestsinthemajority-ownedsubsidiaryHaolaite,resultinginaRMB1,653,225.61decreaseinthecapitalreserve.

56.TreasuryShares

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
Treasuryshares(A-share)	82,165,144.15		82,165,144.15
Total	82,165,144.15		82,165,144.15

Othernotes,includingadescriptionoftheincreaseordecreaseforthecurrentperiodandthereasonsforthechange:

Decreaseintreasuryshares(A-shares)byRMB82,165,144.15duringthecurrentperiodisattributabletotheCompany’scancellationof13millionA-sharesheldintherepurchasespecialsecuritiesaccountonJanuary10,2025,withacorrespondingreductioninregisteredcapital.

57.OtherComprehensiveIncome

Unit:RMB

Item	Beginningbalance	ReportingPeriod						Endingbalance
Item	Beginningbalance	IncomebeforetaxationintheCurrentPeriod	Less:RecordedinothercomprehensiveincomeinpriorperiodandtransferredtoprofitorlossintheCurrentPeriod	Less:RecordedinothercomprehensiveincomeinpriorperiodandtransferredtoretainedearningsintheCurrentPeriod	Less:Incometaxexpense	AttributabletoownersoftheCompanyastheparentaftertax	Attributabletonon-controllinginterestsaftertax	Endingbalance
I.Othercomprehensiveincomethatmaynotsubsequentlybereclassifiedtoprofitorloss	383,442,631.00	252,097,724.56		171,881,788.23	37,814,658.68	42,401,277.65		425,843,908.65
Changesinfairvalueofotherinvestmentsinequityinstruments	383,442,631.00	252,097,724.56		171,881,788.23	37,814,658.68	42,401,277.65		425,843,908.65
II.Othercomprehensiveincomethatmaybereclassifiedtoprofitorloss	-13,475.98	-791,293.24				-447,357.83	-343,935.41	-460,833.81
Differencesarisingfromtranslationofforeigncurrency-denominatedfinancialstatements	-13,475.98	-791,293.24				-447,357.83	-343,935.41	-460,833.81
Totalofothercomprehensiveincome	383,429,155.02	251,306,431.32		171,881,788.23	37,814,658.68	41,953,919.82	-343,935.41	425,383,074.84

Othernotes,includingthenotetotheadjustmentoftheinitialrecognitionamountofhedgeditemtransferredfromtheeffectivegain/lossoncashflowhedges:

Naught.

58.SpecificReserve

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
Productionsafetyreserve	4,782,061.20	11,812,685.82	11,107,676.00	5,487,071.02
Total	4,782,061.20	11,812,685.82	11,107,676.00	5,487,071.02

Othernotes,includingadescriptionoftheincreaseordecreaseforthecurrentperiodandthereasonsforthechange:

TheincreaseinthecurrentyearrepresentsthesafetyproductionexpensesaccruedinaccordancewiththeproportionstipulatedintheNoticeonissuingtheManagementMeasuresfortheProvisionandUseofEnterpriseProductionSafetyCosts(C.Z.[2022]No.136),andthedecreaseinthecurrentyearrepresentstheactualsafetyproductionexpensesincurred.

59.SurplusReserves

Unit:RMB

Item	Beginningbalance	Increase	Decrease	Endingbalance
Statutorysurplusreserve	108,417,252.01	17,188,178.82		125,605,430.83
Discretionarysurplusreserve	41,680,270.96			41,680,270.96
Total	150,097,522.97	17,188,178.82		167,285,701.79

Notesincludingchangesandreasonsthereof:

TheincreaseinsurplusreservebyRMB17,188,178.82duringthecurrentperiodisattributabletothedisposalofequitysecuritiesclassifiedasinvestmentsinotherequityinstruments,wherebythecumulativefairvaluechangespreviouslyrecognizedinothercomprehensiveincomeweretransferredtoretainedearnings,withsimultaneousallocationtosurplusreserve.

60.RetainedProfits

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Beginningbalanceofretainedearningsbeforeadjustments	3,655,046,154.57	3,435,308,364.11

Item	ReportingPeriod	Sameperiodoflastyear
Beginningbalanceofretainedearningsafteradjustments	3,655,046,154.57	3,435,308,364.11
Add:NetprofitattributabletoownersoftheCompanyastheparent	114,993,752.24	446,184,021.97
Less:Withdrawalofstatutorysurplusreserves		42,152,843.91
Dividendofordinarysharespayable	184,293,387.60	184,293,387.60
Add:Other(Note)	154,693,609.41
Endingretainedearnings	3,740,440,128.62	3,655,046,154.57

Note:Itreferstothetransferofcumulativefairvaluechangespreviouslyrecognizedinothercomprehensiveincometoretainedearningsuponsalesofsharesduringthecurrentperiod.Listofadjustmentofbeginningretainedearnings:

(1)RMB0.00beginningretainedprofitswasaffectedbyretrospectiveadjustmentconductedaccordingtotheAccountingStandardsforBusinessEnterprisesandrelevantnewregulations.

(2)RMB0.00beginningretainedearningswasaffectedbychangesinaccountingpolicies.

(3)RMB0.00beginningretainedearningswasaffectedbycorrectionofsignificantaccountingerrors.

(4)RMB0.00beginningretainedearningswasaffectedbychangesincombinationscopearisingfromsamecontrol.

(5)RMB0.00beginningretainedearningswasaffectedtotallybyotheradjustments.

61.OperatingRevenueandCostofSales

Unit:RMB

Item	ReportingPeriod		Sameperiodoflastyear
Item	Operatingrevenue	Costofsales	Operatingrevenue	Costofsales
Mainoperations	4,185,528,329.95	3,379,096,211.37	4,641,840,263.11	3,770,172,987.42
Otheroperations	200,202,789.83	186,224,345.31	142,705,504.31	100,078,120.59
Total	4,385,731,119.78	3,565,320,556.68	4,784,545,767.42	3,870,251,108.01

Breakdowninformationofoperatingrevenueandcostofsales:

Unit:RMB

Categoryofcontracts	Total
Categoryofcontracts	Operatingrevenue	Costofsales
Businesstype	4,385,731,119.78	3,565,320,556.68
Ofwhich:
Generallightingproducts	1,555,797,106.24	1,142,860,150.29
LEDpackagingandcomponentproducts	1,138,917,060.61	944,141,765.80
Vehiclelampproducts	1,013,526,856.90	833,677,921.36
Tradeandotherproducts	677,490,096.03	644,640,719.23
Byoperatingplaces
Ofwhich:
Domestic	3,419,449,003.11	2,742,697,709.96
Overseas	966,282,116.67	822,622,846.72
Total	4,385,731,119.78	3,565,320,556.68

Informationrelatedtotransactionvalueassignedtoresidualperformanceobligations:

TheamountofrevenuecorrespondingtoperformanceobligationsthathavebeencontractedbutnotyetperformedornotcompletedattheendoftheReportingPeriodwasRMB221,676,101.25.

62.TaxesandSurtaxes

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Urbanmaintenanceandconstructiontax	9,073,146.40	11,477,398.90
Educationsurcharge	4,078,286.18	5,817,380.58
Propertytax	12,564,073.03	12,240,976.04
Landusetax	2,949,828.19	1,862,982.54
Vehicleandvesselusetax	9,346.88	11,539.44

Item	ReportingPeriod	Sameperiodoflastyear
Stampduty	3,884,049.49	4,090,236.94
Localeducationsurcharge	2,594,481.89	2,386,760.07
Environmentalprotectiontax	33,538.16	19,936.01
Others	8,691.96	9,728.71
Total	35,195,442.18	37,916,939.23

63.AdministrativeExpense

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Employeebenefits	131,837,173.33	130,927,710.77
Depreciationcharge	45,950,398.92	39,408,441.47
Officeexpenses	13,106,605.91	18,519,960.05
Amortizationofintangibleassets	5,039,291.89	4,114,485.79
Engineeringdecorationcost	3,561,866.59	4,801,504.22
Intermediaryagencyengagementfee	3,523,533.02	5,246,590.63
Utilities	3,483,871.72	3,149,472.00
Rentoflandandmanagementcharge	3,044,193.90	4,141,330.16
Laborcost	2,184,951.46	2,666,214.20
Securityfundforthedisabled		30,023.52
Others	12,269,692.81	13,327,229.70
Total	224,001,579.55	226,332,962.51

64.SellingExpense

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Employeebenefits	76,018,915.08	72,432,535.06
Businesspropagandizingfeesandadvertisingfees	59,495,362.31	53,863,531.30
Salespromotionfees	11,457,954.80	6,294,529.20
Officeexpenses	6,887,070.56	6,876,969.60
Businesstravelcharges	5,779,947.18	5,507,517.26
Commercialinsurancepremium	2,471,904.93	3,232,729.39
Others	20,780,917.17	19,009,986.09
Total	182,892,072.03	167,217,797.90

65.DevelopmentCosts

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Personnelandlaborcosts	145,282,615.31	126,235,339.99
Directinvestmentexpenses	81,124,028.88	82,440,945.66
Depreciationexpensesandlong-termprepaidexpenses	25,237,404.37	22,649,859.13
CostofoutsourcingexternalR&D	3,418,767.96	3,917,155.30
Amortizationchargeofintangibleassets	20,760.96	28,166.42
Designfees	12,264.15	1,696,516.00
OtherFees	12,573,757.90	23,197,968.13
Total	267,669,599.53	260,165,950.63

Othernotes:

InrespectofR&DexpenseincurredbytheCompany,expenseotherthanthatonbench-scaleandpilot-scaleproductionisincludedinR&Dexpense;andsalesrevenueofproductsfrombench-scaleandpilot-scaleproductionisincludedincorebusinessrevenueandtherelevantcostsareincludedincostofsalesofcorebusiness.

66.FinanceCost

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Interestcosts	8,116,483.14	11,047,212.70
Less:Interestincome	20,148,088.69	25,938,447.85
Foreignexchangegainsorlosses	-2,889,508.01	-17,140,676.80
Handlingchargeandothers	-2,196,542.61	1,425,667.21
Total	-17,117,656.17	-30,606,244.74

67.OtherIncome

Unit:RMB

Sources	ReportingPeriod	Sameperiodoflastyear
TheDeductibleInputTaxforAdvancedManufacturingEnterprises	19,970,901.49	30,052,926.81
TheProjectsoftheProductionExpansionandTechnologicalTransformationofComponentsofSmall-spacingandOutdoorLEDDisplays	4,561,671.74	2,032,275.84
VATrefundedassoonasitislevied	3,514,199.48
ManufacturingOperationManagementMOMSoftwareResearchProjectforNationStarManufacturingScenarios	1,420,000.00
CAEsoftwareResearchProjectforMulti-physicsFieldCouplingSimulationofNationStarLEDProducts	1,206,700.00	1,890,966.85
NationalManufacturingSingleChampionAward	1,200,000.00
Socialinsurancesubsidies	1,032,640.64	67,954.64
The“StrongStart”EconomicInitiativeforQ1byNanningNewandHigh-techIndustrialDevelopmentZone	1,010,000.00

Sources	ReportingPeriod	Sameperiodoflastyear
ManufacturingOperationManagementMOMPrototypeSoftwareResearchProjectforNationStarManufacturingScenarios	933,200.00	1,880,000.00
TheTaxIncentivesforthePoor	864,650.00	5,435,946.87
TechnologyRenovationProjectofMiniandFlip-chipLEDChipProductionLines	862,079.46
TheProjectoftheInnovationinPackagingTechnologyandTechnologicalTransformationofKeyPackagingEquipmentofLEDpackagingwithHighColorRenderingIndexforIllumination	785,363.70	785,363.70
Returnofhandlingchargesforwithholdingandremittance	581,015.09	479,040.08
LEDTechnologyforEfficientCultivationinModernAgricultureandItsDemonstrativeApplication	455,981.82	143,251.56
FundsforNewIndustrializationfromtheAutonomousRegion	430,000.00
EnterpriseR&DRewardandSubsidy	403,326.00
TheProjectofResourceConservationandEnvironmentalProtection	343,999.98	671,246.82
TheSubsidyforMetal-organicChemicalVaporDeposition(MOCVD)		4,800,912.92
TheResearchontheKeyTechnologyof4K/8KFull-colorMicro-LEDDisplayswithUltra-HighDefinition(UHD)		2,911,576.13
SupportFundfortheDigitalIntelligentTransformationoftheManufacturingIndustry		592,548.00
Small-pitchLEDPackagingTechnologyInnovationforDisplayandKeyPackagingEquipmentTechnologyTransformationProject		548,355.48
ChanchengDistrictGovernmentQualityAward		500,000.00
RewardFundsforSmartFactoryDemonstrationEnterprisesandDigitalWorkshops		500,000.00
EpitaxialGrowthandChipFabricationTechniquesforHigh-PerformanceDeepUltravioletLED		400,000.00

Sources	ReportingPeriod	Sameperiodoflastyear
QualityManagementMaturityLevel5AEnterpriseBonus		400,000.00
IncentiveforstandardproductsofFoshanCity		360,000.00
Others	5,669,403.05	5,699,047.49
Total	45,245,132.45	60,151,413.19

68.NetGainonExposureHedgesNaught.

69.GainsfromChangesinFairValue

Unit:RMB

Sources	ReportingPeriod	Sameperiodoflastyear
Financialassetsheldfortrading	345,894.65	-601,447.40
Total	345,894.65	-601,447.40

70.InvestmentIncome

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Long-termequityinvestmentincomeaccountedbyequitymethod	646,719.77	1,444,720.72
Investmentincomefromdisposaloftradingfinancialassets	420,703.90	2,911,077.39
Dividendincomefromholdingofotherequityinstrumentinvestment	9,727,720.67	19,990,672.99
Interestincomeofinvestmentinotherdebtobligationsduringholdingperiod	15,294,849.67	13,671,028.14
Investmentincomefromfinancialproductsandstructuraldeposits	1,357,081.83

Item	ReportingPeriod	Sameperiodoflastyear
Total	27,447,075.84	38,017,499.24

71.CreditImpairmentLoss

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Baddebtlossonnotesreceivable	-1,082,149.07	-266,311.20
Baddebtlossonaccountsreceivable	-10,120,936.33	-37,243,385.45
Baddebtlossonotherreceivables	-898,410.29	-761,111.93
Total	-12,101,495.69	-38,270,808.58

72.AssetImpairmentLoss

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
I.Lossoninventoryvaluationandcontractperformancecost	-22,345,101.18	-29,752,322.32
XI.LossonimpairmentofcontractAssets	550,205.94	808,278.52
XII.Others	-629,976.09	-8,014,761.09
Total	-22,424,871.33	-36,958,804.89

73.AssetsDisposalIncome

Unit:RMB

Sources	ReportingPeriod	Sameperiodoflastyear
Gainsorlossesarisingfromthedisposalofnon-currentassetsnotclassifiedasheldforsale	-64,693.00	-99,108.79
Total	-64,693.00	-99,108.79

74.Non-operatingIncome

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear	Amountrecordedinthecurrentnon-recurringprofitorloss
Incomefromscrapofnon-currentassets	19,461.06	320,853.22	19,461.06
Ofwhich:incomefromscrapoffixedassets	19,461.06	320,853.22	19,461.06
Incomefromdefaultmoney	202,108.27	1,460,120.49	202,108.27
Confiscatedincome	32,100.00	54,273.27	32,100.00
Others	1,859,646.02	1,219,612.57	1,859,646.02
Total	2,113,315.35	3,054,859.55	2,113,315.35

75.Non-operatingExpense

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear	Amountrecordedinthecurrentnon-recurringprofitorloss
Externaldonation	30,000.00		30,000.00
Lossesfromdamageandscrapofnon-currentassets	2,371.68	156,010.36	2,371.68
Ofwhich:Lossondisposaloffixedassets	2,371.68	156,010.36	2,371.68
Penaltyandfinefordelayingpayment	795,772.15	204,491.05	795,772.15
Others	1,259,051.77	125,716.02	1,259,051.77
Total	2,087,195.60	486,217.43	2,087,195.60

76.IncomeTaxExpense

(1)ListofIncomeTaxExpense

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Currentincometaxexpense	26,724,735.72	31,645,407.23
Deferredincometaxexpense	-8,405,922.80	-7,013,025.11
Total	18,318,812.92	24,632,382.12

(2)AdjustmentProcessofAccountingProfitandIncomeTaxExpense

Unit:RMB

Item	ReportingPeriod
Profitbeforetaxation	166,242,688.65
Currentincometaxexpenseaccountedatstatutory/applicabletaxrate	24,936,403.30
Influenceofapplyingdifferenttaxratesbysubsidiaries	-682,404.70
Influenceofincometaxbeforeadjustment	9,763,870.79
Influenceofnon-taxableincome	-2,313,090.68
Influenceofnon-deductiblecosts,expensesandlosses	3,601,618.95
Theeffectofusingdeductiblelossesofdeferredincometaxassetsthathavenotbeenrecognizedinthepreviousperiod	-6,265,165.00
Influenceofunrecognizeddeductibletemporarydifferencesanddeductiblelosses	7,808,743.76
ImpactofadditionaldeductionofR&Dexpenses	-17,706,682.23
Other	-824,481.27
Incometaxexpenses	18,318,812.92

77.OtherComprehensiveIncomeRefertoNoteVIINotestoMainItemsofConsolidatedFinancialStatements-57fordetails.

78.CashFlowStatement

(1)CashRelatedtoOperatingActivitiesCashgeneratedfromotheroperatingactivities

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Margin	11,435,215.76	22,370,050.64
Depositinterest	16,644,598.41	22,332,393.90
Incomefromsubsidy	37,237,015.27	20,458,063.38
Incomefromwaste	9,810,965.91	14,076,991.86
Rentalincomefrompropertyandequipment,utility	2,207,358.66	2,272,907.82
Others	21,134,864.94	37,878,011.81
Total	98,470,018.95	119,388,419.41

Notestocashgeneratedfromoperatingactivities:

Naught.Cashusedinotherinvestingactivities

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Administrativeexpensepaidincash	72,987,101.29	61,546,270.39
Sellingexpensepaidincash	49,217,298.77	46,645,367.15
Financecostspaidincash	6,712,280.00	1,012,751.95
Cashdeposit	13,458,767.82	52,147,104.25
Others	72,633,074.40	31,406,796.05
Total	215,008,522.28	192,758,289.79

Notestocashusedinotheroperatingactivities:

Naught

(2)CashRelatedtoInvestingActivitiesCashgeneratedfromotherinvestingactivities

Item	ReportingPeriod	Sameperiodoflastyear
Proceedsfromforeignexchangesettlement	215,850.00
Reclassificationofnetcashpaidforacquisitionofsubsidiaries	22,826,907.16
Total	23,042,757.16

Significantcashreceivedrelatedtoinvestingactivities:

Naught.Cashusedinotherinvestingactivities:

Naught.Significantcashusedrelatedtoinvestingactivities:

Naught.

(3)CashRelatedtoFinancingActivitiesCashgeneratedfromotherfinancingactivities

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Recapturemargin	35,675,972.28	7,224,809.91
Total	35,675,972.28	7,224,809.91

Notestocashgeneratedfromotherfinancingactivities:

Naught.Cashusedinotherfinancingactivities

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Paymentforcashdepositofbankacceptancebills	14,576,319.88	10,803,556.41
Paymentforfinancing	1,090,901.93	211,897.22

intermediaryfees,etc
Others	816,798.83	485,855.80
Total	16,484,020.64	11,501,309.43

Notestocashusedinotherfinancingactivities:

Naught.Changesinliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable

Unit:RMB

Item	Beginningbalance	Increase		Decrease		Endingbalance
Item	Beginningbalance	Cash	Non-cash	Cash	Non-cash	Endingbalance
Short-termborrowings	307,141,147.49	62,556,611.51	58,226.88	125,929,392.21	44,227,419.71	199,599,173.96
Long-termloans	222,581,930.54	1,211,392.56	56,115,823.33	58,706,402.73	89,762,556.09	131,440,187.61
Otherpayables-equitytransferpayments	5,000,000.00					5,000,000.00
Non-currentliabilitiesduewithinoneyear	120,574,788.81		94,941,196.02		60,565,723.31	154,950,261.52
Leasingliabilities	15,023,993.11		5,029,867.67	4,029,890.75	4,643,197.40	11,380,772.63
Total	670,321,859.95	63,768,004.07	156,145,113.90	188,665,685.69	199,198,896.51	502,370,395.72

(4)ExplanationforPresentationofCashFlowsonaNetBasisNaught.

(5)SignificantActivitiesandFinancialImpactthatDoNotInvolveCurrentCashReceiptsandDisbursementsbutAffecttheCompany’sFinancialPositionorMayAffecttheCompany’sCashFlowsintheFutureIn2025,theCompanyanditssubsidiariesreceivedRMB1,757.7021millioninvarioustypesofacceptancebillsissuedandendorsedbycustomers,andRMB1,073.63millioninvarioustypesofacceptancebillsendorsedand

transferredtosuppliers.Inaddition,theCompanyanditssubsidiariesreceivedatotalofRMB168.0125millioninpaymentsforgoodsthroughbilldiscounting.

79.SupplementalInformationforCashFlowStatement

(1)SupplementalInformationforCashFlowStatement

Unit:RMB

Supplementalinformation	ReportingPeriod	Sameperiodoflastyear
1.Reconciliationofnetprofittonetcashgeneratedfrom/usedinoperatingactivities:
Netprofit	147,923,875.73	253,442,256.65
Add:Provisionforimpairmentofassets	34,526,367.02	75,229,613.47
Depreciationoffixedassets,oil-gasassets,andproductivelivingassets	271,632,208.57	263,094,158.49
Depreciationofright-of-useassets	5,392,572.34	4,097,193.56
Amortizationofintangibleassets	12,719,631.55	10,549,312.38
Amortizationoflong-termdeferredexpenses	47,987,420.82	79,925,639.97
Lossfromdisposaloffixedassets,intangibleassetsandotherlong-termassets(gains:negative)	64,693.00	99,108.79
Lossesfromscrappingoffixedassets(gains:negative)	-17,089.38	-164,842.86
Lossesfromchangesinfairvalue(gains:negative)	-345,894.65	601,447.40
Financecosts(gains:negative)	3,163,870.70	-6,093,464.10
Investmentloss(gains:negative)	-27,447,075.84	-38,017,499.24
Decreaseindeferredincometaxassets(increase:negative)	-3,720,364.18	-18,244,273.75
Increaseindeferredincometaxliabilities(“-”fordecrease)	-4,685,558.62	-4,067,382.64
Decreaseininventory(“-”forincrease)	-21,335,937.11	227,917,770.99
Decreaseinoperatingreceivables(“-”for	-316,641,457.57	-250,051,969.33

Supplementalinformation	ReportingPeriod	Sameperiodoflastyear
increase)
Increaseinoperatingpayables(“-”fordecrease)	-140,077,259.25	-219,105,024.82
Others	705,009.82	5,380,999.65
Netcashgeneratedfrom/usedinoperatingactivities	9,845,012.95	384,593,044.61
2.Significantinvestingandfinancingactivitieswithoutinvolvementofcashreceiptsandpayments
Transferofdebtsintocapital
Currentportionofconvertiblecorporatebonds
Fixedassetsleasedinforfinancing
3.Netincrease/decreaseofcashandcashequivalents:
Endingbalanceofcash	2,545,828,784.72	2,687,757,730.67
Less:Beginningbalanceofcash	2,684,382,020.41	3,101,252,943.88
Add:Endingbalanceofcashequivalents
Less:Beginningbalanceofcashequivalents
Netincreaseincashandcashequivalents	-138,553,235.69	-413,495,213.21

(2)NetCashPaidforAcquisitionofSubsidiaries

Unit:RMB

	Amount
Cashorcashequivalentspaidinthecurrentperiodforthebusinesscombinationoccurringinthepreviousperiod	22,500,000.00
Including:
BeijingAirtrustAviationTechnologyCo.,Ltd.	22,500,000.00

Less:Cashandcashequivalentsheldbysubsidiaryattheacquisitiondate	45,326,907.16
Including:
BeijingAirtrustAviationTechnologyCo.,Ltd.	45,326,907.16
Including:
Amountsreclassifiedto“Cashgeneratedfromotherinvestingactivities”(Note)	22,826,907.16
Netcashpaidforacquisitionofsubsidiaries

Note:InthecapitalincreaseofBeijingAirtrustduringtheyear,thenetamountofcashorcashequivalentspaidforbusinesscombinationsduringthecurrentperiodminusthecashandcashequivalentsheldbythesubsidiaryonthedateofacquisitionwasnegative.Therefore,theamounthasbeenreclassifiedtothe“Cashgeneratedfromotherinvestingactivities”itemforpresentationpurposes.

(3)NetCashReceivedfromDisposaloftheSubsidiariesNaught.

(4)CashandCashEquivalents

Unit:RMB

Item	Endingbalance	Beginningbalance
I.Cash	2,545,828,784.72	2,684,382,020.41
Including:Cashonhand	78,888.57	40,535.66
Bankdepositsavailableondemand	2,416,824,912.95	2,680,618,712.62
Othermonetaryassetsondemand	128,924,983.20	3,722,772.13
III.Endingbalanceofcashandcashequivalents	2,545,828,784.72	2,684,382,020.41

(5)PresentationofCashandCashEquivalentsthatAreSubjecttoCertainRestrictionsonTheirUsageNaught.

(6)MonetaryFundsOtherthanCashandCashEquivalents

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear	Reasonfornotclassifyingtheitemascashandcashequivalents
Billdeposit,guaranteedeposit,pre-salehousepayment,etc	524,122,497.12	492,360,246.76	Specificpurpose
To-be-receivedinterest	14,468,117.34	11,490,996.27	InterestreceivableonunduebankdepositsandtermdepositsasattheendoftheReportingPeriod
Total	538,590,614.46	503,851,243.03

(7)NotesonOtherSignificantActivitiesNaught.

80.NotestoItemsoftheStatementsofChangesinOwners’EquityNotestonamesundertheitemof“Other”intheadjustedendingbalanceforthesameperiodoflastyearandthecorrespondingamount:

Naught.

81.ForeignCurrencyMonetaryItems

(1)ForeignCurrencyMonetaryItems

Unit:RMB

Item	Endingforeigncurrencybalance	Exchangerate	EndingbalanceconvertedtoRMB
MonetaryAssets			367,309,187.45
Including:USD	44,550,940.34	7.1586	318,922,361.52
EUR	153,393.47	8.4024	1,288,873.29
HKD	51,815.60	0.91195	47,253.24
IDR	57,989,708,959.98	0.000443	25,689,441.07
THB	97,238,065.96	0.21968	21,361,258.33
Accountsreceivable			337,018,218.95
Including:USD	46,423,417.64	7.1586	332,326,677.52

Item	Endingforeigncurrencybalance	Exchangerate	EndingbalanceconvertedtoRMB
EUR	380,323.79	8.4024	3,195,632.61
HKD
IDR	3,376,769,338.96	0.000443	1,495,908.82
Long-termborrowings
Including:USD
EUR
HKD
Otherreceivables			553,770.29
Ofwhich:USD	3,707.19	7.1586	26,538.29
THB	2,400,000.00	0.21968	527,232.00
Accountspayable			15,390,058.91
Including:USD	1,605,671.68	7.1586	11,494,361.29
EUR	213,470.59	8.4024	1,793,665.29
IDR	4,744,993,974.50	0.000443	2,102,032.33
Othercurrentassets			66,446.83
Ofwhich:IDR	149,992,849.76	0.000443	66,446.83

(2)NotestoOverseasEntitiesIncluding:forSignificantOverseasEntities,MainOperatingPlace,RecordingCurrencyandSelectionBasisShallBeDisclosed;IfThereAreChangesinRecordingCurrency,RelevantReasonsShallBeDisclosed.

□Applicable?Notapplicable

82.Leases

(1)TheCompanyServedastheLessee:

?Applicable□Notapplicable

Item

Amount

Item	Amount
Simplifiedshort-termleasechargesrecognizedinthecostoftherelatedassetsorincurrentprofitorloss	1,197,410.44
Totalcashoutflowsrelatedtoleases	3,988,335.90

Variableleasepaymentsthatarenotcoveredinthemeasurementoftheleaseliabilities

□Applicable?NotapplicableSimplifiedshort-termleaseorleaseexpenseforlow-valueassets

□Applicable?NotapplicableCircumstancesinvolvingsaleandleasebacktransactionsNaught.

(2)TheCompanyServedastheLessor:

OperatingleaseswiththeCompanyaslessor?Applicable□Notapplicable

Unit:RMB

Item	Leaseincome	Ofwhich:incomerelatedtovariableleasepaymentsnotincludedinleasereceipts
Houseleaseandothers	9,208,133.08	0.00
Total	9,208,133.08	0.00

FinanceleaseswiththeCompanyaslessor

□Applicable?NotapplicableUndiscountedleasereceiptsforeachofthenextfiveyears

□Applicable?NotapplicableReconciliationofundiscountedleasereceiptstonetinvestmentinleasesNaught.

(3)RecognitionofGainorLossonSalesunderFinanceLeaseswiththeCompanyasaManufacturerorDistributor

□Applicable?Notapplicable

83.DataResourcesNaught.

84.OthersNaught.VIII.ResearchandDevelopmentExpenses

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Personnelandlaborcosts	145,282,615.31	126,235,339.99
Directinvestmentexpenses	81,124,028.88	82,440,945.66
Depreciationexpensesandlong-termprepaidexpenses	25,237,404.37	22,649,859.13
CostofoutsourcingexternalR&D	3,418,767.96	3,917,155.30
Amortizationchargeofintangibleassets	20,760.96	28,166.42
Designfees	12,264.15	1,696,516.00
Otherfees	12,573,757.90	23,197,968.13
Total	267,669,599.53	260,165,950.63
Including:researchanddevelopmentexpendituresthatareexpensed	267,669,599.53	260,165,950.63

Othernotes:

InrespectofR&DexpenseincurredbytheCompany,expenseotherthanthatonbench-scaleandpilot-scaleproductionisincludedinR&Dexpense,andsalesrevenueofproductsfrombench-scaleandpilot-scaleproductionisincludedincorebusinessrevenueandtherelevantcostsareincludedincostofsalesofcorebusiness.

IX.ChangeofConsolidationScope

1.BusinessCombinationInvolvingEntitiesNotUnderCommonControl

(1)BusinessCombinationNotundertheSameControlduringtheCurrentPeriod

Unit:RMB

Acquirees	Timeofgainingequity	Costofgainingtheequity	Proportionofequity	Waytogainequity	Acquisitiondate	Recognitionbasisofpurchasedate	Incomeofacquireefromthepurchasedatetoperiod-end	Netprofitsofacquireefromthepurchasedatetoperiod-end	Cashflowsoftheacquireefromthepurchasedatetotheendoftheperiod
BeijingAirtrustAviationTechnologyCo.,Ltd.	May1,2025	22,500,000.00	45%	Capitalincreasethroughcashcontribution	May1,2025	Re-electingdirectors,completingpropertytransferprocedures,etc.andactuallycontrollingtheacquiredcompany		-585,722.64	-646,259.56

(2)CombinationCostandGoodwill

Unit:RMB

Combinationcost	BeijingAirtrustAviationTechnologyCo.,Ltd.
-Cash	22,500,000.00
Totalcombinationcosts	22,500,000.00
Less:shareinthefairvalueofidentifiablenetassetsacquired	22,374,447.93
Theamountofgoodwill/combinationcostlessthantheshareinthefairvalueofidentifiablenetassetsacquired	125,552.07

(3)IdentifiableAssetsandLiabilitiesoftheAcquireeontheAcquisitionDate

Unit:RMB

	BeijingAirtrustAviationTechnologyCo.,Ltd.
	Fairvalueonpurchasedate	Carryingvalueonpurchasedate
Assets:
Monetaryassets	45,326,907.16	45,326,907.16
Accountsreceivable	58,831.97	58,831.97
Inventories	1,267,251.77	1,302,397.51
Fixedassets	53,492.93	39,515.53
Intangibleassets	2,950,600.00
Prepayments	119,698.00	119,698.00
Otherreceivables	1,143,035.99	1,143,035.99
Othercurrentassets	4,741.73	4,741.73
Long-termprepaidexpense	822,174.76	822,174.76
Deferredincometaxassets	1,886,550.94	1,886,550.94
Totalassets	53,633,285.25	50,703,853.59
Liabilities:
Borrowings
Accountspayable	195,197.50	195,197.50
Deferredincometaxliabilities	585,886.33
Otherpayables	3,223,105.00	3,223,105.00
Taxespayable	-91,898.97	-91,898.97
Totalliabilities	3,912,289.86	3,326,403.53
Netassets	49,720,995.39	47,377,450.06
Less:Non-controllinginterests	27,346,547.46	26,057,597.53

	BeijingAirtrustAviationTechnologyCo.,Ltd.
	Fairvalueonpurchasedate	Carryingvalueonpurchasedate
Netassetsacquired	22,374,447.93	21,319,852.53

Methodfordeterminingthefairvalueofidentifiableassetsandliabilities:

WhentheCompanyincreaseditscapitalinBeijingAirtrustAviationTechnologyCo.,Ltd.,itengagedanassessmentagencywithrelevantqualificationstoassesstheidentifiableassetsandliabilitiesofthetargetcompanyinaccordancewiththeasset-basedmethod,anddeterminedthefairvalueoftheconsolidatednetassetsofBeijingAirtrustAviationTechnologyCo.,Ltd.basedontheassessmentresults.

(4)GainorLossfromRemeasurementofEquityInterestsHeldbeforetheAcquisitionDateatFairValueWhethertherewereseveraltransactionstorealizebusinesscombinationsandacquirecontrolsduringtheReportingPeriod

□Yes?No

(5)NotestoFailuretoReasonablyDeterminetheCombinationConsiderationortheFairValueofIdentifiableAssetsandLiabilitiesoftheAcquireeontheAcquisitionDateorattheEndoftheCurrentPeriodNaught.

(6)OtherNotesNaught.

2.BusinessCombinationundertheSameControlNaught.

3.CounterPurchaseBasicinformationofthetransactions,basisofthecounterpurchase,basisandwhetherassetsandliabilitiesretainedbythelistedcompanyconstitutebusiness,determinationofthecombinationcost,theamountandcalculationoftheequityamountadjustedintreatmentfortheequitytransaction:

Naught.

4.DisposalofSubsidiaryWhethertherewereanytransactionsoreventsduringtheperiodinwhichcontrolofthesubsidiarywaslost?

□Yes?NoWhetherthereareseveraldisposalsoftheinvestmenttothesubsidiaryandlostcontrols?

□Yes?No

5.ChangesinCombinationScopeforOtherReasonsNotetochangesincombinationscopeforotherreasons(suchasnewlyestablishmentorliquidationofsubsidiaries,etc.)andrelevantinformation:

1.BeijingAirtrust,theCompany’smajority-ownedcompany,holds100%equityinterestinAirstarandexercisescontroloverit.TheCompanyobtainedcontroloverAirstarthroughacapitalincreaseinBeijingAirtrust.AirstarhasbeenincludedintheconsolidationscopesinceMay2025.

2.FSL(Thailand)LightingTechnologyCo.,Ltd.completeditsoverseasinvestmentfilinginJuneofthecurrentperiod.Simultaneously,HaolaiteCompanyandChanchangCompanyinjectedcapitalintoThailandCompany.ThailandCompanyhasbeenincludedintheconsolidationscopesinceJune2025.

6.OthersNaught.

X.EquityinOtherEntities

1.EquityinSubsidiary

(1)Subsidiaries

Unit:RMB

Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Holdingpercentage		Wayofgaining
Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Direct	Indirect	Wayofgaining
FoshanFozhaoZhichengTechnologyCo.,Ltd.	50,000,000.00	Foshan	Foshan	Productionandsales	100.00%		Newlyestablished
FSLChanchangLightingCo.,Ltd.	72,782,944.00	Foshan	Foshan	Productionandsales	100.00%		Newlyestablished
FoshanTaimeiTimesLampCo.,Ltd.	500,000.00	Foshan	Foshan	Productionandsales	70.00%		Newlyestablished
FoshanElectrical&Lighting(Xinxiang)Co.,Ltd.	35,418,439.76	Xinxiang	Xinxiang	Productionandsales	100.00%		Newlyestablished
NanjingFozhaoLightingComponentsManufacturing	41,683,200.00	Nanjing	Nanjing	Productionandsales	100.00%		Acquired

Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Holdingpercentage		Wayofgaining
Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Direct	Indirect	Wayofgaining
Co.,Ltd.
FSLZhidaElectricTechnologyCo.,Ltd.	38,150,000.00	Foshan	Foshan	Productionandsales	66.84%		Newlyestablished
FoshanHaolaiteLightingCo.,Ltd.	17,158,000.00	Foshan	Foshan	Productionandsales	100.00%		Newlyestablished
NationStarOptoelectronics(Germany)Co.,Ltd.	1,436,419.00	Germany	Germany	Trade		100.00%	Businesscombinationunderthesamecontrol
FSL(Thailand)LightingTechnologyCo.,Ltd.	21,393,145.55		Thailand	Productionandsales		100.00%	Newlyestablished
FoshanKelianNewEnergyTechnologyCo.,Ltd.	170,000,000.00	Foshan	Foshan	Propertydevelopment	100.00%		Businesscombinationunderthesamecontrol
Fozhao(Hainan)TechnologyCo.,Ltd.	200,000,000.00	Haikou	Haikou	Productionandsales	100.00%		Newlyestablished
ZhejiangHuleElectricalEquipmentManufacturingCo.,Ltd.	29,000,000.00	Jiaxing	Jiaxing	Productionandsales		66.00%	Acquired
ShanghaiLelaiteElectricalEquipmentCo.,Ltd.	1,000,000.00	Shanghai	Shanghai	Trade		36.30%	Acquired
NanningLiaowangAutoLampCo.,Ltd.	35,055,700.00	Nanning	Nanning	Manufacturingofvehiclelamps	53.79%		Acquired
LiuzhouGuigeLightingTechnologyCo.,Ltd.	30,000,000.00	Liuzhou	Liuzhou	Manufacturingofvehiclelamps		53.79%	Acquired

Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Holdingpercentage		Wayofgaining
Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Direct	Indirect	Wayofgaining
LiuzhouGuigeFuxuanTechnologyCo.,Ltd.	20,000,000.00	Liuzhou	Liuzhou	Manufacturingofautomotiveelectronicproducts		53.79%	Acquired
ChongqingGuinuoLightingTechnologyCo.,Ltd.	30,000,000.00	Chongqing	Chongqing	Manufacturingofvehiclelamps		53.79%	Acquired
QingdaoGuigeLightingTechnologyCo.,Ltd.	30,000,000.00	Qingdao	Qingdao	Manufacturingofvehiclelamps		53.79%	Acquired
IndonesiaLiaowangAutoLampCo.,Ltd.	40,873,066.42	Indonesia	Indonesia	Manufacturingofvehiclelamps		53.79%	Acquired
LiaowangAutoLamp(Suzhou)Co.,Ltd.	25,000,000.00	Suzhou	Suzhou	Manufacturingofvehiclelamps		53.79%	Newlyestablished
FoshanSigmaVentureCapitalCo.,Ltd.	50,000,000.00	Foshan	Foshan	Businessservices	100.00%		Businesscombinationunderthesamecontrol
FoshanNationStarOptoelectronicsCo.,Ltd.	618,477,169.00	Foshan	Foshan	Electronicmanufacturing	21.48%		Businesscombinationunderthesamecontrol
FoshanNationStarSemiconductorCo.,Ltd.	820,000,000.00	Foshan	Foshan	Electronicmanufacturing		21.48%	Businesscombinationunderthesamecontrol
FoshanGuoxingElectronicManufactureCo.,Ltd.	10,000,000.00	Foshan	Foshan	Electronicmanufacturing		21.48%	Businesscombinationunderthesamecontrol
NanyangBaoliVanadiumIndustryCo.,Ltd.	100,000,000.00	Henan	Nanyang	Mining		12.89%	Businesscombinationunderthesamecontrol

Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Holdingpercentage		Wayofgaining
Nameofthesubsidiary	Registeredcapital	Mainoperatingplace	Registrationplace	Natureofbusiness	Direct	Indirect	Wayofgaining
GuangdongNewElectronicInformationLtd.	5,000,000.00	Guangzhou	Guangzhou	Trade		21.48%	Businesscombinationunderthesamecontrol
GuangdongFenghuaSemiconductorTechnologyCo.,Ltd.	200,000,000.00	Guangzhou	Guangzhou	Electronicmanufacturing		21.45%	Businesscombinationunderthesamecontrol
GaozhouNationStarLightingTechnologyCo.,Ltd.	30,000,000.00	Maoming	Maoming	Electronicmanufacturing		21.48%	Newlyestablished
FozhaoHuaguang(Maoming)TechnologyCo.,Ltd.	22,920,000.00	Maoming	Maoming	Productionandsales	100.00%		Newlyestablished
BeijingAirtrustAviationTechnologyCo.,Ltd.	50,000,000.00	Beijing	Beijing	Productionandsales	45.00%		Acquired
Airstar(Tianjin)LightingCo.,Ltd.	5,000,000.00	Tianjin	Tianjin	Productionandsales		45.00%	Acquired

Notestoholdingproportioninsubsidiarydifferentfromvotingproportion:

Naught.Basisofholdinghalforlessvotingrightsbutstillcontrollingtheinvesteeandholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:

Naught.Significantstructuralentitiesandcontrollingbasisinthescopeofcombination:

Naught.BasisofdeterminingwhethertheCompanyistheagentortheprincipal:

Naught.Othernotes;GuoxingElectronicManufacture,NationStarSemiconductor,BaoliVanadiumIndustry,NewElectronics,FenghuaSemiconductorandGaozhouNationStararesubsidiariesofNationStarOptoelectronics.

(2)SignificantNon-wholly-ownedSubsidiary

Unit:RMB

Nameofthesubsidiary	Shareholdingproportionofnon-controllinginterests	Theprofitorlossattributabletothenon-controllinginterests	Declaringdividendsdistributedtonon-controllinginterests	Balanceofnon-controllinginterestsattheperiod-end
NanningLiaowangAutoLampCo.,Ltd.	46.21%	10,982,488.44	4,065,870.47	491,046,739.52
FoshanNationStarOptoelectronicsCo.,Ltd.	78.52%	19,433,755.88	24,282,863.70	3,004,357,842.15

Holdingproportionofnon-controllinginterestsinsubsidiarydifferentfromvotingproportion:

Naught.

(3)TheMainFinancialInformationofSignificantNotWholly-ownedSubsidiary

Unit:RMB

Nameofthesubsidiary	Endingbalance						Beginningbalance
Nameofthesubsidiary	Currentassets	Non-currentassets	Totalassets	Currentliabilities	Non-currentliabilities	Totalliabilities	Currentassets	Non-currentassets	Totalassets	Currentliabilities	Non-currentliabilities	Totalliabilities
NanningLiaowangAutoLampCo.,Ltd.	1,653,822,384.87	995,466,588.97	2,649,288,973.84	1,529,865,354.86	56,797,492.27	1,586,662,847.13	1,797,594,099.17	1,017,666,828.52	2,815,260,927.69	1,674,102,278.76	92,743,700.71	1,766,845,979.47
FoshanNationStarOptoelectronicsCo.,Ltd.	3,709,105,028.91	2,393,535,293.43	6,102,640,322.34	1,993,434,921.60	285,347,873.55	2,278,782,795.15	3,841,259,563.85	2,408,019,705.26	6,249,279,269.11	2,096,915,166.37	328,202,453.19	2,425,117,619.56

Unit:RMB

Nameofthesubsidiary	ReportingPeriod				Sameperiodoflastyear
Nameofthesubsidiary	Operatingrevenue	Netprofit	Totalcomprehensiveincome	Cashflowsfromoperatingactivities	Operatingrevenue	Netprofit	Totalcomprehensiveincome	Cashflowsfromoperatingactivities
NanningLiaowangAutoLampCo.,Ltd.	914,845,763.09	23,766,475.75	23,010,159.22	48,082,149.88	835,320,128.96	28,661,214.92	27,445,527.70	15,328,786.43
FoshanNationStarOptoelectronicsCo.,Ltd.	1,681,244,438.51	24,571,004.38	24,571,004.38	-6,708,763.72	1,853,708,942.97	56,242,432.00	56,242,432.00	140,461,398.36

(4)SignificantRestrictionsonUsingtheAssetsandLiquidatingtheLiabilitiesoftheCompanyNaught.

(5)FinancialSupportorOtherSupportsProvidedtoStructuralEntitiesIncorporatedintotheScopeofConsolidatedFinancialStatementsNaught.

2.TheTransactionoftheCompanywithItsOwner’sEquityShareChangedbutStillControllingtheSubsidiary

(1)ChangesintheOwner'sEquityShareinSubsidiaries

Nameofsubsidiary	Shareholdingpercentagebeforethechange		Shareholdingpercentageafterthechange
Nameofsubsidiary	Direct	Indirect	Direct	Indirect
FoshanHaolaiteLightingCo.,Ltd.	51.00%	10.53%	100.00%

(2)ImpactoftheTransactiononMinorityShareholders'InterestsandEquityAttributabletotheParentCompany

Unit:RMB

	FoshanHaolaiteLightingCo.,Ltd.
Purchasecost/disposalconsideration	24,916,600.00
--Cash	24,916,600.00
--Fairvalueofnon-cashassets
Totalpurchasecost/disposalconsideration	24,916,600.00
Less:Shareofsubsidiary'snetassetscalculatedbasedonequityacquired/disposed	26,569,825.61
Difference	-1,653,225.61
Ofwhich:Adjustmenttocapitalreserve	-1,653,225.61
Adjustmenttosurplusreserve
Adjustmenttoretainedearnings

3.EquityinJointVenturesorAssociatedEnterprises

(1)SignificantJointVenturesorAssociatedEnterprisesNaught.

(2)MainFinancialInformationofSignificantJointVenturesNaught.

(3)MainFinancialInformationofSignificantAssociatedEnterprisesNaught.

(4)SummaryFinancialInformationofInsignificantJointVenturesorAssociatedEnterprises

Unit:RMB

	Endingbalance/ReportingPeriod	Beginningbalance/Sameperiodoflastyear
Associatedenterprises:
Totalcarryingvalueofinvestment	180,947,314.66	180,300,594.89
Thetotaloffollowingitemsaccordingtotheshareholdingproportions
--Netprofit	646,719.77	1,112,039.74
--Totalcomprehensiveincome	646,719.77	1,112,039.74

(5)NotetotheSignificantRestrictionsontheAbilityofJointVenturesorAssociatedEnterprisestoTransferFundstotheCompanyNaught.

(6)TheExcessLossofJointVenturesorAssociatedEnterprisesNaught.

(7)TheUnrecognizedCommitmentRelatedtoInvestmenttoJointVenturesNaught.

(8)ContingentLiabilitiesRelatedtoInvestmenttoJointVenturesorAssociatedEnterprisesNaught.

4.SignificantCommonOperationNaught.

5.EquityintheStructuredEntityExcludedintheScopeofConsolidatedFinancialStatementsNotestothestructuredentityexcludedinthescopeofconsolidatedfinancialstatements:

Naught.

6.OthersNaught.

XI.GovernmentGrants

1.GovernmentGrantsRecognizedattheEndoftheReportingPeriodattheAmountReceivable

□Applicable?NotapplicableReasonsforfailingtoreceivegovernmentgrantsintheestimatedamountattheestimatedpointintime

□Applicable?Notapplicable

2.LiabilityItemsInvolvingGovernmentGrants?Applicable□Notapplicable

Unit:RMB

Accountingitems	Beginningbalance	Amountofnewlysubsidy	Amountrecordedintonon-operatingincomeintheReportingPeriod	AmountcarriedforwardotherincomeintheReportingPeriod	OtherchangesintheReportingPeriod	Endingbalance	Relatedtoassets/income
Deferredincome	68,183,747.38	27,697,519.13		9,681,661.12		86,199,605.39	Relatedtoassets
Deferredincome	5,555,432.56	3,829,426.77		4,095,574.31		5,289,285.02	Relatedtoincome

3.GovernmentGrantsRecognizedinProfitorLossfortheCurrentPeriod?Applicable□Notapplicable

Unit:RMB

Accountingitems	ReportingPeriod	Sameperiodoflastyear
Otherincome	23,389,446.31	24,166,249.43

XII.RisksAssociatedwithFinancialInstruments

1.VariousTypesofRisksArisingfromFinancialInstrumentsTheprimaryfinancialinstrumentsoftheCompanyincludeequityinvestments,held-for-tradingfinancialassets,receivablesfinancing,billsreceivable,accountsreceivable,otherreceivables,othercurrentassets,otherdebt

investments,accountspayable,billspayable,otherpayables,short-termborrowings,long-termborrowings,etc.ThedetailsofeachfinancialinstrumentseerelevantitemsofNoteVII.ThemainrisksoftheCompanyduetofinancialinstrumentswerecreditrisk,liquidityriskandmarketrisk.TheoperatingmanagementoftheCompanywasresponsiblefortheriskmanagementtargetandtherecognitionofthepolicies.

(1)CreditRiskCreditriskwasonepartyofthecontractfailedtofulfiltheobligationsandcauseslossoffinancialassetsoftheotherparty.ThecreditrisktheCompanyfacedwassellingoncreditwhichleadstocustomercreditrisk.TheCompanywillevaluatecreditriskofnewcustomer,andsetcreditlimit,oncethebalanceofaccountreceivableovercreditlimit,requirethecustomertopayorproducinganddeliveringgoodsshallbeapprovedbythemanagementoftheCompany.TheCompanythroughmonthlyaginganalysisofaccountreceivableandmonitoringthecollectionsituationofthecustomerensuredtheoverallcreditriskoftheCompanywasincontrolscope.Onceappearabnormalsituation,theCompanyshouldconductnecessarymeasurestorequestingthepaymenttimely.

(2)LiquidityRiskLiquidityriskisreferredtotheirriskofincurringcapitalshortagewhenperformingsettlementobligationinthewayofcashpaymentorotherfinancialassets.ThepoliciesoftheCompanyaretoensurethattherewassufficientcashtopaythedueliabilities.TheliquidityriskiscentralisedcontrolledbytheFinancialDepartmentoftheCompany.TheliquidityriskiscentralizedcontrolledbytheFinancialManagementDepartmentoftheCompany.TheFinancialManagementDepartmentthroughsupervisingthebalanceofthecashandsecuritiescanbeconverttocashatanytimeandtherollingpredictionofcashflowinfuture12monthstoensuretheCompanyhavesufficientcashtopaytheliabilitiesunderthecaseofallreasonableprediction.

(3)MarketRiskMarketriskwasreferredtoriskofthefairvalueorfuturecashflowoffinancialinstrumentchangedduetothechangeofmarketprice,including:exchangeraterisk,interestrateriskandotherpricerisk.

1)ExchangeRateRiskExchangerateriskreferstotheriskoflossduetoexchangeratechanges.TheCompany’sexposuretoforeignexchangeriskismainlyrelatedtotheUSdollarandtheeuro.AsatJune30,2025,theCompany’sassetsandliabilitieswereinRMB,exceptforthebalancesofUSD,EUR,HKD,IDRandTHBassetoutinthisNoteVII-81,ForeignCurrencyMonetaryItems.ForeignexchangeriskarisingfromtheassetsandliabilitiesofsuchforeigncurrencybalancesmayhaveacertainimpactontheCompany’soperatingresults.TheCompanymadeeffortstoavoidexchangerateriskthroughforwardexchangesettlement,improvingoperationmanagementandpromotingtheinternationalcompetitivenessoftheCompany,etc.

2)InterestRateRiskInterestrateriskreferstofluctuationriskofthefairvalueorfuturecashflowoffinancialinstrumentchangeduetothechangeofmarketinterestrates.TheinterestrateriskfacedbytheCompanymainlycomesfrombankborrowings.Byestablishingagoodbank-enterpriserelationship,theCompanyreasonablydesignedthecreditline,creditvarietyandcreditperiod,ensuredsufficientcreditlineofbanks,andmetvariouslong-andshort-termfinancingneedsoftheCompanywithpreferentialloaninterestrates.AsatJune2025,theCompany’sfixedinterestrateloanbalancewasRMB477,474,879.14,accountingfor100%ofthetotalloanbalance.Therefore,themarketriskofinterestratechangesbornebytheCompanyisnotsignificant.

3)OtherPriceRiskTheGroup’sotherpricerisksariseprimarilyfrominvestmentsinequityinstruments,asthereistheriskofchangesinthepriceofequityinstruments.

AsatDecember2025,iftheexpectedpricesoftheGroup’svariousequityinstrumentinvestmentsincreaseordecreaseby1%,andotherfactorsremainunchanged,theGroupshallincreaseordecreasecomprehensiveincomebyapproximatelyRMB1,095,686.08(December31,2024:increasingordecreasingcomprehensiveincomebyapproximatelyRMB1,059,041.21).

2.Hedge

(1)TheCompanyCarriesoutHedgingBusinessforRiskManagement

□Applicable?Notapplicable

(2)TheCompanyConductsEligibleHedgingOperationsandAppliesHedgeAccountingNaught.

(3)TheCompanyConductsHedgingOperationsforRiskManagement,ExpectstoAchieveItsRiskManagementObjectives,butDoesNotApplyHedgeAccounting

□Applicable?Notapplicable

3.FinancialAssets

(1)ClassificationofTransferMethods?Applicable□Notapplicable

Unit:RMB

Transfermethods	Natureoffinancialassetstransferred	Amountoffinancialassetstransferred	Derecognition	Basisfordeterminingderecognition
Billsendorsement	Accountsreceivablefinancing	380,352,993.54	Yes	Duetothelowcreditriskanddeferredpaymentriskofbankacceptancebillsinaccountsreceivablefinancing,andthetransferofinterestrateriskrelatedtothebillstothebank,itcanbeconcludedthatalmostallrisksandrewardsofownershipofthebillshavebeentransferred
Billsdiscounting	Accountsreceivablefinancing	163,507,644.82	Yes	Almostallrisksandrewardsrelatedtotheownershipofthebillshavebeentransferred
Billsdiscounting	Notesreceivable	63,254,781.83	Yes	Almostallrisksandrewardsrelatedtotheownershipofthebillshavebeentransferred
Billsendorsement	Notesreceivable	383,377,930.48	No	Retainingalmostallrisksandrewards,includingdefaultrisksassociatedwiththem
CloudCredit	Accounts	1,050,000.00	No	Retainingalmostallrisksandrewards,including

endorsement	receivable			defaultrisksassociatedwiththem
CloudCreditdiscount	Accountsreceivable	14,556,611.51	No	Retainingalmostallrisksandrewards,includingdefaultrisksassociatedwiththem
Total		1,006,099,962.18

(2)FinancialAssetsDerecognizedduetoTransfer?Applicable□Notapplicable

Unit:RMB

Item	Waysoftransferringfinancialassets	Derecognizedfinancialassetamount	Gainsorlossesrelatedtoderecognition
Accountsreceivablefinancing	Billsendorsement	380,352,993.54
Accountsreceivablefinancing	Billsdiscounting	163,507,644.82	-793,787.18
Notesreceivable	Billsendorsement	63,254,781.83
Total		607,115,420.19	-793,787.18

(3)ContinuedInvolvementintheTransferofAssetsFinancialAssets?Applicable□Notapplicable

Unit:RMB

Item	Assettransfermethods	Amountofassetsformedduetocontinuousinvolvement	Amountofliabilitiesformedduetocontinuousinvolvement
Notesreceivable		383,377,930.48	383,377,930.48
Ofwhich:Bank’sacceptancebill	Billsendorsement	382,982,915.48	382,982,915.48
Commercialacceptancebill	Billendorsement	395,015.00	395,015.00
Accountsreceivable	CloudCreditendorsement	1,050,000.00	1,050,000.00
Accountsreceivable	CloudCreditdiscount	14,556,611.51	14,556,611.51
Total		398,984,541.99	398,984,541.99

XIII.TheDisclosureofFairValue

1.EndingFairValueofAssetsandLiabilitiesatFairValue

Unit:RMB

Item	Endingfairvalue
Item	Level1Fairvaluemeasurement	Level2Fairvaluemeasurement	Level3Fairvaluemeasurement	Total
I.Consistentfairvaluemeasurement	--	--	--	--
1.Tradingfinancialassets	2,288,376.68			2,288,376.68
(1)Financialassetsatfairvaluethroughprofitorloss	2,288,376.68			2,288,376.68
1)Equityinstrumentinvestment	2,192,776.68			2,192,776.68
2)Other	95,600.00			95,600.00
2.OtherInvestmentsinDebtObligations		1,155,317,713.39		1,155,317,713.39
3.Otherequityinstrumentinvestment	700,354,868.31		46,902,543.80	747,257,412.11
4.Accountsreceivablefinancing			380,276,549.15	380,276,549.15
Totalassetsmeasuredatfairvalueonarecurringbasis	702,643,244.99	1,155,317,713.39	427,179,092.95	2,285,140,051.33
II.Inconsistentfairvaluemeasurement	--	--	--	--

2.BasisforDeterminingtheMarketValueofContinuingandDiscontinuingLevel1FairValueMeasurementItemsLevel1fairvaluemeasurementsaredeterminedbasedonthemarketpriceofequitiesatthebalancesheetdateandthemid-priceoftheRMBexchangeratepublishedbytheStateAdministrationofForeignExchangeasquotedpricesinanactivemarket.

3.ContinuingandDiscontinuingLevel2FairValueMeasurementItems,QualitativeandQuantitativeInformationontheValuationTechniquesUsedandSignificantParametersThefairvalueoffinancialproductsandotherdebtinvestmentsubscribedbytheGroupthataremeasuredatfairvalueisdeterminedbyreferencetotheexpectedrateofreturnprovidedbythefinancialinstitutions.

4.ContinuingandDiscontinuingLevel3FairValueMeasurementItems,QualitativeandQuantitativeInformationontheValuationTechniquesUsedandSignificantParameters

(1)TheCompanymeasuredtheinvestmentatcostasareasonableestimateoffairvaluebecausetherewerenosignificantchangesinthebusinessenvironmentandoperatingandfinancialconditionsoftheinvestee,GFBank.

(2)TheCompanymeasuredtheinvestee,ShenzhenZhonghao(Group)CompanyLimited,atnilasareasonableestimateoffairvalueduetothedeteriorationofitsbusinessenvironmentandoperatingandfinancialconditions.

(3)TheCompanymeasuredtheinvestmentatcostasareasonableestimateoffairvaluebecausetherewerenosignificantchangesinthebusinessenvironmentandoperatingandfinancialconditionsoftheinvesteecompanies,FoshanNanhaiDistrictUnitedGuangdongNewLightSourceIndustryInnovationCenter,BeijingGuangRongUnionSemiconductorLightingIndustryInvestmentCenterandGuangdongRisingFinanceCo.,Ltd.

(4)ThereceivablesfinancingrepresentsbankacceptancenotesheldbytheCompanywithashortremainingmaturity,thefacevalueofwhichapproximatesthefairvalueandthefaceamountisusedtorecognizethefairvalueatthestatementdate.

5.ConsistentFairValueMeasurementItemsatLevel3,AdjustmentbetweentheBeginningCarryingValueandtheEndingCarryingValueandSensitivityAnalysisonUnobservableParametersNaught.

6.ExplaintheReasonforConversionandtheGoverningPolicywhentheConversionHappensifConversionHappensamongConsistentFairValueMeasurementItemsatDifferentLevelsNaught.

7.ChangesinValuationTechniquesintheReportingPeriodandReasonsfortheChangesNaught.

8.FairValueofFinancialAssetsandLiabilitiesNotMeasuredatFairValueFinancialassetsandliabilitiesnotmeasuredatfairvalueinclude:monetaryassets,accountsreceivableandaccountspayable,etc.Thereissmalldifferencebetweenthecarryingvalueofabovefinancialassetsandliabilitiesandfairvalue.

9.OthersNaught.

XIV.RelatedPartyandRelated-partyTransactions

1.InformationontheCompanyastheParent

Companyname	Registrationplace	Natureofbusiness	Registeredcapital	ProportionofshareheldbytheCompanyastheparentagainsttheCompany(%)	ProportionofvotingrightsownedbytheCompanyastheparentagainsttheCompany(%)
HongkongWahShingHoldingCompanyLimited	HongKong	Investment	HKD110,000	12.85%	12.85%
GuangdongRisingHoldingsGroupCo.,Ltd.	Guangzhou	Investment	RMB10billion	8.45%	8.45%
GuangdongElectronicsInformationIndustryGroupLtd.	Guangzhou	Productionandsales	RMB1,162million	9.35%	9.35%
RisingInvestmentDevelopmentLimited	HongKong	Investment	RMB420millionandHKD1million	1.66%	1.66%
Total				32.31%	32.31%

NotestotheCompanyastheparentHongkongWahShingHoldingCompanyLimited(hereinafterreferredtoas“HongkongWahShing”),thelargestshareholderoftheCompany,isawholly-ownedsubsidiaryofGuangdongElectronicsInformationIndustryGroupLtd.(hereinafterreferredtoas“ElectronicsGroup”),andElectronicsGroupandRisingInvestmentDevelopmentLimited(hereinafterreferredtoas“RisingInvestment”)arewholly-ownedsubsidiariesofGuangdongRisingHoldingsGroupCo.,Ltd.(hereinafterreferredtoas“RisingHoldingsGroup”).AccordingtotherelevantprovisionsoftheCompanyLawandtheMeasuresfortheAdministrativeMeasuresonAcquisitionofListedCompanies,HongkongWahShing,ElectronicsGroup,andRisingInvestmentareconcertedactorsofRisingHoldingsGroup,andRisingHoldingsGroupistheactualcontrolleroftheCompany.AsatJune30,2025,thetotalproportionofsharesheldbyRisingHoldingsGroupanditsconcertedactorswas32.31%.ThefinalcontrolleroftheCompanyisGuangdongRisingHoldingsGroupCo.,Ltd.

2.SubsidiariesoftheCompanyRefertoNoteXEquityinOtherEntities-1.EquityinSubsidiariesfordetailsoftheCompany’ssubsidiaries.

3.InformationontheJointVenturesandAssociatedEnterprisesoftheCompanyRefertoNoteXEquityinOtherEntities-3.EquityinJointVenturesorAssociatedEnterprisesfordetailsofsignificantjointventuresorassociatedenterprisesoftheCompany.

4.InformationonOtherRelatedParties

Nameofotherrelatedparties	RelationshipwiththeCompany
PROSPERITYLAMPS&COMPONENTSLTD	Shareholderowningover5%shares
GuangdongZhongnanConstructionCo.,Ltd.	Undersameactualcontroller
GuangzhouHaixinshaIndustrialCo.,Ltd.	Undersameactualcontroller
GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.	Undersameactualcontroller
GuangdongYixinChangchengConstructionGroup	Undersameactualcontroller
ShenzhenYuepengConstructionCo.,Ltd.	Undersameactualcontroller
PrimatronixNanhoTechnologyLtd.	Undersameactualcontroller
GuangdongHuajianEnterpriseGroupCo.,Ltd.	Undersameactualcontroller
GuangdongXintaoMicroelectronicsCo.,Ltd.	Undersameactualcontroller
GuangzhouShengfengCateringManagementServiceCo.,Ltd.	Undersameactualcontroller
GuangdongRisingCulturalIndustryDevelopmentCo.,Ltd.	Undersameactualcontroller
ShenzhenYuedinPreciseMachineryCo.,Ltd.	Undersameactualcontroller
GuangdongFenghuaNewEnergyCo.,Ltd.	Undersameactualcontroller
GuangdongZhongrenGroupConstructionCo.,Ltd.	Undersameactualcontroller
ZhuhaiDongjiangEnvironmentalProtectionTechnologyCo.,Ltd.	Undersameactualcontroller
GuangdongSemiconductorDeviceFactory	Undersameactualcontroller
GuangdongZhuyuanConstructionEngineeringCo.,Ltd.	Undersameactualcontroller
ShenzhenZhongjinLingnanNonfemetCo.,Ltd.	Undersameactualcontroller

Nameofotherrelatedparties	RelationshipwiththeCompany
GuangdongZhongjinLingnanEngineeringTechnologyCo.,Ltd.	Undersameactualcontroller
ShandongZhongjinLingnanCopperCo.,Ltd.	Undersameactualcontroller
ShantouRisingInfrastructureConstructionInvestmentCo.,Ltd.	Undersameactualcontroller
GuangdongHuajianEngineeringConstructionCo.,Ltd.	Undersameactualcontroller
GuangdongRisingFinanceCo.,Ltd.	Undersameactualcontroller
GuangdongRisingCommercialDevelopmentCo.,Ltd.	Undersameactualcontroller
GuangdongRisingMiningGroupCo.,Ltd.	Undersameactualcontroller
GuangzhouWanshunInvestmentManagementCo.,Ltd.	Undersameactualcontroller
FoshanFulongEnvironmentalTechnologyCo.,Ltd.	Undersameactualcontroller
ShenzhenLonggangDongjiangIndustrialWasteTreatmentCo.,Ltd.	Undersameactualcontroller
JiangmenDongjiangEnvironmentalCompanyLimited	Undersameactualcontroller
RamadaPearlHotelGuangzhou	Undersameactualcontroller
GuangzhouHuajianBusinessDevelopmentCo.,Ltd.	Undersameactualcontroller
GuangdongRisingUrbanServicesCo.,Ltd.	Undersameactualcontroller
GuangdongRisingHydrogenEnergyCo.,Ltd.	Undersameactualcontroller
ZhuhaiDoumenDistrictYongxingshengEnvironmentalIndustryWasteRecoveryandComprehensiveTreatmentCo.,Ltd.	Undersameactualcontroller
GuangdongRisingResearchandDevelopmentInstituteCo.Ltd.	Undersameactualcontroller
Prosperity(China)ElectricalCompanyLimited	Enterprisecontrolledbyrelatednaturalperson
TraxonTechnologiesLimited	Enterprisecontrolledbyrelatednaturalperson
NanningRuixiangIndustrialInvestmentCo.,Ltd.	Enterprisesignificantlyaffectedbyrelatednaturalperson

5.TransactionswithRelatedParties

(1)InformationonAcquisitionofGoodsandReceptionofLaborServiceInformationonacquisitionofgoodsandreceptionoflaborservice

Unit:RMB

Relatedparty	Natureoftransaction	ReportingPeriod	Theapprovaltradecredit	Whetherexceedtradecreditornot	Sameperiodoflastyear
GuangdongXintaoMicroelectronicsCo.,Ltd.	Purchaseofmaterials	2,042,234.00	58,500,000.00	No
GuangdongRisingHoldingsGroupCo.,Ltd.	Receivingoflaborservice	1,333,182.30
ShenzhenYuepengConstructionCo.,Ltd.	Receivingoflaborservice	333,072.46			1,886,492.75
PrimatronixNanhoTechnologyLtd.	Receivingoflaborservice	216,716.81			114,801.77
ShenzhenYuedingPreciseMachineryCo.,Ltd.	Purchaseofmaterials	191,766.31
GuangdongRisingHydrogenEnergyCo.,Ltd.	Receivingoflaborservice	81,637.17
ZhuhaiDongjiangEnvironmentalProtectionTechnologyCo.,Ltd.	Receivingoflaborservice	81,304.53			271,319.56
ShenzhenYuedingPreciseMachineryCo.,Ltd.	Receivingoflaborservice	64,955.76

Relatedparty	Natureoftransaction	ReportingPeriod	Theapprovaltradecredit	Whetherexceedtradecreditornot	Sameperiodoflastyear
GuangdongElectronicsInformationIndustryGroupLtd.	Receivingoflaborservice	60,156.76
GuangdongFenghuaNewEnergyCo.,Ltd.	Receivingoflaborservice	57,430.97
ShenzhenLonggangDongjiangIndustrialWasteTreatmentCo.,Ltd.	Receivingoflaborservice	22,058.15			14,375.09
ZhuhaiDoumenDistrictYongxingshengEnvironmentalIndustryWasteRecoveryandComprehensiveTreatmentCo.,Ltd.	Receivingoflaborservice	7,907.50			4,528.30
FoshanFulongEnvironmentalTechnologyCo.,Ltd.	Receivingoflaborservice	3,021.30			70,467.96
JiangmenDongjiangEnvironmentalCompanyLimited	Receivingoflaborservice	2,169.81			2,169.81
GuangdongElectronicsInformationIndustryGroupLtd.	Purchaseofmaterials	1,911.50
PrimatronixNanhoTechnologyLtd.	Purchaseofmaterials				16,672.57

Relatedparty	Natureoftransaction	ReportingPeriod	Theapprovaltradecredit	Whetherexceedtradecreditornot	Sameperiodoflastyear
GuangzhouShengfengCateringManagementServiceCo.,Ltd.	Receivingoflaborservice	3,935,965.99	15,000,000.00	No	1,362,571.29
GuangdongRisingUrbanServicesCo.,Ltd.	Receivingoflaborservice	582,602.76
GuangdongRisingCulturalIndustryDevelopmentCo.,Ltd.	Receivingoflaborservice	109,742.88			5,740.00
GuangdongRisingCommercialDevelopmentCo.,Ltd.	Receivingoflaborservice	38,879.99			42,887.72
RamadaPearlHotelGuangzhou	Receivingoflaborservice	35,725.28
GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	Purchaseofmaterials	3,762,628.44	24,100,000.00	No	2,264,120.89
GuangzhouHaixinshaIndustrialCo.,Ltd.	Receivingoflaborservice	1,373,791.75	17,000,000.00	No	513,226.63
GuangdongHuajianEnterpriseGroupCo.,Ltd.	Receivingoflaborservice	1,358,026.48
GuangzhouHuajianBusinessDevelopment	Receivingoflaborservice	112,044.02			87,421.36

Relatedparty	Natureoftransaction	ReportingPeriod	Theapprovaltradecredit	Whetherexceedtradecreditornot	Sameperiodoflastyear
Co.,Ltd.
ProsperityLamps&ComponentsLimited	Purchaseofmaterials	40,604.45	1,000,000.00	No
GuangdongZhongnanConstructionCo.,Ltd.	Receivingoflaborservice	49,179,363.76		No	8,266,347.72
GuangdongZhongrenGroupConstructionCo.,Ltd.	Receivingoflaborservice	18,348,623.85		No	2,407,583.18
GuangdongYixinChangchengConstructionGroup	Receivingoflaborservice			No	47,493,226.47
Total		83,377,524.98	115,600,000.00	No	64,823,953.07

Informationofsalesofgoodsandprovisionoflaborservice

Unit:RMB

Relatedparty	Natureoftransaction	ReportingPeriod	Sameperiodoflastyear
GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.	Saleofproducts	4,728,179.44	4,572,650.62
PROSPERITYLAMPS&COMPONENTSLIMITED	Saleofproducts	4,405,252.25	5,732,428.94
TraxonTechnologiesLimited	Saleofproducts	2,298,878.91
PrimatronixNanhoTechnologyLtd.	Saleofproducts	973,112.50
GuangdongXintaoMicroelectronicsCo.,Ltd.	Saleofproducts	411,591.87

Relatedparty	Natureoftransaction	ReportingPeriod	Sameperiodoflastyear
GuangdongZhuyuanConstructionEngineeringCo.,Ltd.	Saleofproducts	31,156.00
GuangdongZhongrenGroupConstructionCo.,Ltd.	Saleofproducts	2,953.27
GuangdongRisingMiningGroupCo.,Ltd.	Saleofproducts		99,577.88
GuangzhouWanshunInvestmentManagementCo.,Ltd.	Saleofproducts		59,565.75
ShandongZhongjinLingnanCopperCo.,Ltd.	Saleofproducts		9,102.65
GuangdongYixinChangchengConstructionGroup	Saleofproducts		121,035.60
PrimatronixNanhoTechnologyLtd.	Renderingofservices	22,166.04
Total		12,873,290.28	10,594,361.44

Notestoacquisitionofgoodsandreceptionoflaborservice

1.Thepricingpolicyforrelated-partytransactionsbetweentheCompanyanditsrelatedpartiesisasfollows:

Thepricingofrelated-partytransactionsshouldbemarket-orientedandsubjecttothemarketpriceswhensuchatransactionoccurs.Therelevantfundsshouldbepaidontimeaccordingtotheactualtransaction.

2.Therelated-partytransactionsbetweentheCompanyanditssubsidiariesandbetweensubsidiarieshavebeenoffsetduringreportconsolidation.

(2)ConnectedTransactionswiththeCompanyasEntrustee/ContractororEntruster/ContracteeTheCompanyasentrustee/contractor:

Naught.TheCompanyasentruster/contractee:

Unit:RMB

Nameoftheentruster/contractee	Nameoftheentrustee/contractor	Type	Startdate	Duedate	Pricingbasis	IncomerecognizedinthisCurrentPeriod
FoshanNationStarOptoelectronicsCo.,Ltd.	GuangdongZhongrenGroupConstructionCo.,Ltd		December30,2020	December31,2022
FoshanElectricalandLightingCo.,Ltd.	GuangdongYixinChangchengConstructionGroup		May28,2021	December29,2022
FoshanElectricalandLightingCo.,Ltd.	GuangdongYixinChangchengConstructionGroup		March1,2022	December11,2022
FoshanKelianNewEnergyTechnologyCo.,Ltd.	GuangdongZhongnanConstructionCo.,Ltd.		June23,2021	December23,2022
FoshanKelianNewEnergyTechnologyCo.,Ltd.	GuangdongHuajianEnterpriseGroupCo.,Ltd.		January1,2025	December31,2033

Notes:

1.TheCompany’ssubsidiaryFoshanNationStarOptoelectronicsCo.,Ltd.enteredintotheGeneralContractingContractofNationStarOptoelectronicsfortheSurvey,Design,andConstructionoftheGeelyIndustrialParkwithGuangdongZhongrenGroupConstructionCo.,Ltd.,GuangdongArchitecturalDesign&ResearchInstituteCo.,Ltd.,andCSICInternationalEngineeringCo.,Ltd.onDecember30,2020.Theabovepartiestakechargeofthesurvey,design,andconstructionoftheGeelyIndustrialPark.ThetotalpriceofthecontractisRMB509,292,500.

2.TheCompanyenteredintotheGeneralContractingContractofFoshanElectricalandLightingCo.,Ltd.fortheDesignandConstructionoftheOfficeBuildingsofGaomingHeadquartersProductionBasePhaseIIwithGuangdongYixinChangchengConstructionGroupCo.,Ltd.andGuangdongArchitecturalDesign&ResearchInstituteCo.,Ltd.onMay28,2021.TheabovepartiestakechargeofthedesignandconstructionofGaomingofficebuildings.ThetotalpriceofthecontractisRMB175,025,600,andtheplannedtotalconstructionperiodis560calendardays(560daysforconstructionincluding90daysfordesign).AsatthedateofthisReport,theprojecthaspassedthecompletionacceptancecheck.

3.OnMarch1,2022,theCompanysignedaGeneralContractforDesignandConstructionoftheSmartLEDLightingProductionFactoryBuildings1-3attheGaomingProductionBaseofFoshanElectricalandLightingCo.,Ltd.withGuangdongYixinGreatWallConstructionGroupCo.,Ltd.andGuangdongArchitecturalDesign&

ResearchInstituteCo.,Ltd.TheaforementionedcompanieswereresponsibleforthedesignandconstructionofthethreebuildingsinGaoming.ThetentativetotalcontractvaluewasRMB129,991,400,withaplannedtotalconstructionperiodof285calendardays(30daysfordesignand255daysforconstruction).Theprojecthasnowbeencompletedandaccepted.

4.OnJune23,2021,theCompany’ssubsidiaryFoshanKelianNewEnergyTechnologyCo.,Ltd.signedaGeneralContractforDesignandConstructionoftheDecorationEngineeringofKelianBuildingwithGuangdongZhongnanConstructionCo.,Ltd.andGuangdongArchitecturalDesign&ResearchInstituteCo.,Ltd.Theaforementionedcompanieswereresponsiblefortheinteriordesignandconstructionofthebuilding.ThetentativetotalcontractvaluewasRMB189,070,200,withaplannedtotalconstructionperiodof240calendardays(60daysfordesign,and210daysforBuilding2and240daysforBuilding1).Theconstructionperiodfortheself-usefloorsstartsfromtheactualcommencementofconstruction.Theprojecthasnowbeencompleted,withtheself-usefloorsofBuilding2havingpassedacceptance,andthepropertymanagementcompanyiscurrentlyconductingthehandoverprocessforBuilding1.

5.OnApril21,2023,theCompany’ssubsidiaryFoshanKelianNewEnergyTechnologyCo.,Ltd.signedtheKelianBuildingOperationandLeasingServiceContractandtheKelianBuildingPropertyManagementServiceContractwithHuajianGroup.Theindustrial(R&Dcenter)area(locatedinBuilding1),commercial(serviceapartments),commercial(shops),andpartoftheundergroundparkinglot,totaling70,340.04squaremeters,wereentrustedtoHuajianGroupforoperationandleasing.Theoperationandleasingserviceperiodis10yearsfromJanuary1,2025.

(3)InformationonConnectedLeaseTheCompanywaslessor:

Unit:RMB

Nameoflessee	Typeofassetsleased	TheleaseincomeconfirmedintheReportingPeriod	Theleaseincomeconfirmedinthesameperiodoflastyear
GuangdongRisingResearchandDevelopmentInstituteCo.,Ltd.anditsmajority-ownedsubsidiaries	Plant	746,120.71	647,933.71

TheCompanyservedasthelessee:

Unit:RMB

Nameoflessor	Typeofassetsleased	Rentalexpensesofshort-termleasesimplifiedtreatedandlow-valueassetlease(ifapplicable)		Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities(ifapplicable)		Paidrent		Incomeexpenseofleaseliabilitiesundertaken		Increasedright-of-useassets
Nameoflessor	Typeofassetsleased	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear
GuangdongRisingCommercialDevelopmentCo.,Ltd.	Buildingsandstructures					31,706.00	166,520.05	13,312.48	3,420.80	1,057,213.99	291,156.20
GuangdongRisingHoldingsGroupCo.,Ltd.	Buildingsandstructures					2,406,864.12		221,988.14
NanningRuixiangIndustrialInvestmentCo.,	Buildingsandstructures	8,000.00				6,000.00

Nameoflessor	Typeofassetsleased	Rentalexpensesofshort-termleasesimplifiedtreatedandlow-valueassetlease(ifapplicable)		Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities(ifapplicable)		Paidrent		Incomeexpenseofleaseliabilitiesundertaken		Increasedright-of-useassets
Nameoflessor	Typeofassetsleased	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear	ReportingPeriod	Sameperiodoflastyear
Ltd.

(4)ConnectedGuaranteeNaught.

(5)InterbankBorrowingandLendingofCapitalbyConnectedPartyNaught.

(6)InformationonAssetsTransferandDebtRestructuringbyRelatedPartyNaught.

(7)InformationonRemunerationforKeyManagementPersonnel

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
ChairmanoftheBoard	463,921.43	412,195.28
GeneralManager	446,431.33	481,683.12
ChairmanoftheSupervisoryCommittee	426,785.10	615,288.82
SecretaryoftheBoard	500,892.14	418,182.04
ChiefFinancialOfficer	368,082.70	475,438.92
Others	4,023,167.19	2,568,209.82
Total	6,229,279.89	4,970,998.00

(8)OtherConnectedTransactionsInaccordancewiththeFinancialServiceAgreementnewlysignedbytheCompanyin2025,thetotalmaximumdailydepositbalanceoftheCompanyanditsholdingsubsidiariesdepositedinGuangdongRisingFinanceCo.,Ltd.shallnotexceedRMB1.5billion,andthegeneralcreditlimitprovidedbyGuangdongRisingFinanceCo.,Ltd.fortheCompanyanditsholdingsubsidiariesshallnotexceedRMB2billion.AsatJune30,2025,thedepositbalanceoftheCompanyanditsholdingsubsidiariesdepositedinGuangdongRisingFinanceCo.,Ltd.isRMB1251.0619million.TheoutstandinginterestreceivableisRMB5.1018million.

6.ReceivablesfromandPayablestoRelatedParties

(1)AccountsReceivable

Unit:RMB

Nameofproject	Relatedparty	Endingbalance		Beginningbalance
Nameofproject	Relatedparty	Carryingamount	Provisionforimpairment	Carryingamount	Provisionforimpairment
Monetarycapital-accruedinterest	GuangdongRisingFinanceCo.,Ltd.	5,004,016.43		5,153,062.03
Othercurrentassets-accruedinterest	GuangdongRisingFinanceCo.,Ltd.	97,777.78		105,555.56
Accounts	ProsperityLamps&	3,225,236.48	96,757.09	2,558,600.74	76,758.02

Nameofproject	Relatedparty	Endingbalance		Beginningbalance
Nameofproject	Relatedparty	Carryingamount	Provisionforimpairment	Carryingamount	Provisionforimpairment
receivable	ComponentsLimited
Accountsreceivable	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	2,344,510.48	46,890.21	5,584,276.94	111,685.54
Accountsreceivable	GuangdongYixinChangchengConstructionGroup	2,332,537.86	820,038.74	2,332,537.86	623,014.72
Accountsreceivable	GuangdongZhongnanConstructionCo.,Ltd.	911,495.28	171,244.55	3,453,458.25	422,680.16
Accountsreceivable	ShantouRisingInfrastructureConstructionInvestmentCo.,Ltd.	746,660.40	22,399.81	1,555,346.68	46,660.40
Accountsreceivable	GuangdongZhuyuanConstructionEngineeringCo.,Ltd.	510,276.71	51,027.67	510,276.71	51,027.67
Accountsreceivable	ShenzhenZhongjinLingnanNonfemetCo.,Ltd.	504,147.00	97,306.70	504,147.00	50,414.70
Accountsreceivable	GuangdongXintaoMicroelectronicsCo.,Ltd.	405,382.81	8,107.66	355,473.15	7,109.46
Accountsreceivable	GuangdongZhongrenGroupConstructionCo.,Ltd.	158,114.20	15,577.82	239,918.22	23,991.82
Accountsreceivable	GuangdongZhongjinLingnanEngineeringTechnologyCo.,Ltd.	138,827.00	13,882.70	138,827.00	13,882.70
Accountsreceivable	GuangdongHuajianEngineeringConstructionCo.,	44,297.00	39,024.51	44,297.00	35,437.60

Nameofproject	Relatedparty	Endingbalance		Beginningbalance
Nameofproject	Relatedparty	Carryingamount	Provisionforimpairment	Carryingamount	Provisionforimpairment
	Ltd.
Accountsreceivable	GuangdongRisingHoldingsGroupCo.,Ltd.	15,206.96	1,520.70	15,206.96	1,520.70
Accountsreceivable	ShandongZhongjinLingnanCopperCo.,Ltd.	10,286.00	1,028.60	10,286.00	308.58
Notesreceivable	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	3,242,258.87
Prepayments	Prosperity(China)ElectricalCompanyLimited	39,428.00		39,428.00
Prepayments	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	148.68		148.68
Prepayments	GuangdongRisingUrbanServicesCo.,Ltd.			60,317.70
Prepayments	GuangdongRisingHoldingsGroupCo.,Ltd.			13,959.24
Otherreceivables	GuangdongHuajianEnterpriseGroupCo.,Ltd.	2,587,607.38	223,989.02	2,587,607.38	203,049.97
Otherreceivables	GuangdongSemiconductorDeviceFactory	816,441.49	816,441.49	816,441.49	816,441.49
Otherreceivables	GuangdongRisingHoldingsGroupCo.,Ltd.	587,979.04	17,622.46	586,288.04	17,588.64
Otherreceivables	NanningRuixiangIndustrialInvestmentCo.,Ltd.	5,000.00	500.00	5,000.00	500.00

Nameofproject	Relatedparty	Endingbalance		Beginningbalance
Nameofproject	Relatedparty	Carryingamount	Provisionforimpairment	Carryingamount	Provisionforimpairment
Otherreceivables	GuangdongZhongrenGroupConstructionCo.,Ltd.	304.31	30.43	304.31	30.43
Otherreceivables	GuangdongGuangshengCommercialDevelopmentCo.,Ltd.			74,761.92	6,868.51
Total		23,727,940.16	2,443,390.16	26,745,526.86	2,508,971.11

(2)AccountsPayable

Unit:RMB

Nameofproject	Relatedparty	Endingcarryingbalance	Beginningcarryingbalance
Notespayable	GuangdongXintaoMicroelectronicsCo.,Ltd.	1,253,375.42
Notespayable	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	1,037,580.11	119,158.00
Notespayable	GuangdongElectronicsInformationIndustryGroupLtd.	150,000.00
Notespayable	PrimatronixNanhoTechnologyLtd.		74,812.50
Accountspayable	GuangdongZhongrenGroupConstructionCo.,Ltd.	81,073,448.55	99,422,072.40
Accountspayable	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	2,656,061.79	3,976,905.41
Accountspayable	ShenzhenYuepengConstructionCo.,Ltd.	1,381,887.30	1,381,887.30
Accountspayable	GuangdongElectronicsInformationIndustryGroupLtd.	569,200.00	638,973.44
Accountspayable	GuangdongXintaoMicroelectronicsCo.,Ltd.	387,206.24	2,560,606.36

Nameofproject	Relatedparty	Endingcarryingbalance	Beginningcarryingbalance
Accountspayable	GuangzhouHaixinshaIndustrialCo.,Ltd.	240,676.00	1,003,260.00
Accountspayable	ShenzhenYuedinPreciseMachineryCo.,Ltd.	191,766.31
Accountspayable	GuangzhouShengfengCateringManagementServiceCo.,Ltd.	104,139.13	99,516.27
Accountspayable	GuangdongFenghuaNewEnergyCo.,Ltd.	50,800.00	53,946.92
Accountspayable	ProsperityLamps&ComponentsLimited	40,604.45
Accountspayable	GuangdongRisingCulturalIndustryDevelopmentCo.,Ltd.	32,733.16	14,567.75
Accountspayable	PrimatronixNanhoTechnologyLtd.	11,898.00	95,998.00
Accountspayable	ZhuhaiDongjiangEnvironmentalProtectionTechnologyCo.,Ltd.	2,667.91
Accountspayable	NanningRuixiangIndustrialInvestmentCo.,Ltd.	2,000.00
Accountspayable	ShenzhenLonggangDongjiangIndustrialWasteTreatmentCo.,Ltd.		7,352.40
Otherpayables	NanningRuixiangIndustrialInvestmentCo.,Ltd.	79,046,577.48	91,046,577.48
Otherpayables	GuangdongZhongnanConstructionCo.,Ltd.	60,172,552.20	38,499,432.70
Otherpayables	GuangdongYixinChangchengConstructionGroup	44,951,543.71	52,340,650.63
Otherpayables	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	5,035,015.07	5,035,015.07
Otherpayables	GuangdongHuajianEnterpriseGroupCo.,Ltd.	4,565,714.65	5,215,652.63
Otherpayables	ShenzhenYuepengConstructionCo.,Ltd.	549,689.05	499,150.37
Otherpayables	GuangzhouShengfengCatering	379,000.00	347,000.00

Nameofproject	Relatedparty	Endingcarryingbalance	Beginningcarryingbalance
	ManagementServiceCo.,Ltd.
Otherpayables	GuangdongRisingHoldingsGroupCo.,Ltd.	279,184.78
Otherpayables	PrimatronixNanhoTechnologyLtd.	13,624.00	13,624.00
Otherpayables	GuangdongXintaoMicroelectronicsCo.,Ltd.	8,429.40	8,429.40
Otherpayables	GuangdongElectronicsInformationIndustryGroupLtd.	5,000.00
Contractliabilities,othercurrentliabilities	ProsperityLamps&ComponentsLimited	56,542.00	59,428.00
Contractliabilities,othercurrentliabilities	PrimatronixNanhoTechnologyLtd.		218,729.24
Othercurrentliabilities	NanningRuixiangIndustrialInvestmentCo.,Ltd.	2,000,000.00
Othercurrentliabilities	GuangdongFenghuaAdvancedTechnologyHoldingCo.,Ltd.	960,985.42	693,580.58
Othercurrentliabilities	GuangdongZhongnanConstructionCo.,Ltd.	907,211.60
Othercurrentliabilities	GuangzhouHaixinshaIndustrialCo.,Ltd.	801,331.52	464,919.17
Othercurrentliabilities	GuangdongZhongrenGroupConstructionCo.,Ltd.		150,000.00
Total		288,918,445.25	304,041,246.02

7.CommitmentsoftheRelatedParties

No.	Commitment	Promisor	Dateofcommitmentmaking	Termofcommitment	Fulfillment
1	Aboutavoidanceofhorizontalcompetition	ElectronicsGroupandHongKongRisingInvestment	December04,2015	Long-term	Ongoing

		RisingHoldingsGroup	November04,2021	Long-term	Ongoing
		RisingHoldingsGroup,RisingCapital,andHongkongWahShing	October27,2021	Long-term	Ongoing
2	Aboutreductionandregulationofrelated-partytransactions	ElectronicsGroupandHongKongRisingInvestment	December4,2015	Long-term	Ongoing
		RisingHoldingsGroup	November4,2021	Long-term	Ongoing
		RisingHoldingsGroup,RisingCapital,andHongkongWahShing	October27,2021	Long-term	Ongoing
3	Aboutindependence	ElectronicsGroupandHongKongRisingInvestment	December4,2015	Long-term	Ongoing
3	Aboutindependence	RisingHoldingsGroup	November4,2021	Long-term	Ongoing
4	Abouteffectiveperformanceofmeasurestofillupreturns	RisingHoldingsGroup,RisingCapital,ElectronicsGroup,HongkongWahShing,HongKongRisingInvestmentandShenzhenRisingInvestment	October27,2021	Long-term	Ongoing
5	AboutcompensationforpossibleviolationsoflawsandregulationsbyNATIONSTAROPTOELECTRONICS	RisingHoldingsGroup,ElectronicsGroup,andRisingCapital	October27,2021	Long-term	Ongoing
6	Aboutthetruthfulness,accuracyandcompletenessoftheinformationprovidedduringthismajorassetrestructuring	RisingHoldingsGroup,ElectronicsGroup,andRisingCapital	October27,2021	Long-term	Ongoing
6		Directorandseniormanagementoffice	October27,	Long-term	Ongoing

		ofFSL	2021
7	Abouttheclarityoftheunderlyingassetsofthismajorassetrestructuring	ElectronicsGroup	October27,2021	Long-term	Ongoing
7		RisingHoldingsGroupandRisingCapital	October27,2021	Long-term	Ongoing
8	Aboutmeasurestofillupreturnsforrisksarisingfromdilutingimmediatereturninmajorassetrestructuring	DirectorandseniormanagementofficeofFSL	October27,2021	Long-term	Ongoing
9	AboutthemeasurestofillupimmediatereturnsdilutedbytheissuanceofA-sharestospecificobjectsin2023	DirectorandseniormanagementofficeofFSL	March14,2023	Long-term	Ongoing
10	Aboutmattersonspecialself-inspectionoftherealestatebusiness	DirectorsandseniormanagementofFSL,RisingHoldingsGroup,ElectronicsGroup,HongkongWahShing,HongKongRisingInvestment	March14,2023	Long-term	Ongoing
11	Abouttheeffectivefulfilmentofmeasurestakenbycontrollingshareholdersanddefactocontrollertofillupimmediatereturns	RisingHoldingsGroup,ElectronicsGroup,HongkongWahShing,HongKongRisingInvestment	March14,2023	Long-term	Ongoing
12	NotificationLetterRegardingtheIncreaseinFoshanLightingShares	ElectronicsGroup	November18,2024	Withinsixmonthsstartingfrom20November2024.	Completed

8.OtherNaught.

XV.Share-basedPayment

1.OverviewofShare-basedPayments

□Applicable?Notapplicable

2.Equity-settledShare-basedPayments

□Applicable?Notapplicable

3.TheStockPaymentSettledinCash

□Applicable?Notapplicable

4.Share-BasedPaymentExpensesforthePeriod

□Applicable?Notapplicable

5.ModificationandTerminationofShare-basedPaymentNaught.

6.OthersNaught.XVI.CommitmentsandContingency

1.SignificantCommitmentsSignificantcommitmentsonthebalancesheetdateCommitmentonthedevelopmentofHaikouplotInNovember2021,HainanTechnology,awholly-ownedsubsidiaryoftheCompany,acquiredanindustriallandlocatedinMei’anScienceandTechnologyNewCity,Haikou,withalandareaof34,931.13squaremetersandalandpriceofRMB26,596,784.43.Inthesamemonth,HainanTechnologysignedtheAgreementonIndustrialProjectDevelopmentandLandAccesswithHaikouNationalHigh-techIndustrialDevelopmentZoneManagementCommittee(hereinafterreferredtoasthe“HaikouDevelopmentZoneManagementCommittee”).Theagreementstipulatesthattheabove-mentionedplotisusedforthedevelopmentofmarinelightingR&Dandmanufacturingbaseprojects,andtheinvestmentoffixedassetsisapproximatelyRMB314million(includingplants,equipment,andland,equivalenttoRMB6millionpermu.HainanTechnologypromisestocompletetheplanningschemedesignwithintwomonthsfromthedateofsigningtheConfirmationofListingandTransferringtheRighttoUseState-ownedConstructionLand;completetheconstructiondrawingdesignwithinthreemonthsaftercompletingtheplanningschemedesignandobtaintheBuildingConstructionPermitsandstartconstructionatthesametime(subjecttothefoundationconcretepouringofthemainbuildings).Theprojectwillbeputintoproductionwithin18monthsfromthedateofsigningtheConfirmationofListingandTransferringtheRighttoUseState-ownedConstructionLand.Fromthedateofsigningthecontracttothefirstyearaftertheprojectisputintoproduction,theaccumulatedtaxpaymentisnotlessthanRMB10million;theaccumulatedtaxpaymentinthefirsttwoyearsisnotlessthanRMB27.4million;theaccumulatedtaxpaymentinthefirstthreeyearsisnotlessthanRMB67.1million;theaccumulatedtaxpaymentinthefirstfouryearsisnotlessthanRMB117million;theaccumulatedtaxpaymentinthefiveyearsisnotlessthanRMB203million.Thetotalindustrialoutputvalue(orrevenue)inthefirstyearaftertheprojectisputintoproductionisnotlessthanRMB218million;theaccumulated

valueinthefirsttwoyearsisnotlessthanRMB433million;theaccumulatedvalueinthefirstthreeyearsisnotlessthanRMB929million;theaccumulatedvalueinthefirstfouryearsisnotlessthanRMB1,548million;theaccumulatedvalueinthefiveyearsisnotlessthanRMB2.62billion.Iftheprojectfailstostartconstructionwithin12monthsfromthedateofsigningtheConfirmationofListingandTransferringtheRighttoUseState-ownedConstructionLandduetoHainanTechnologyreasons,theHaikouDevelopmentZoneManagementCommitteehastherighttounilaterallyterminatethecontractandthemunicipalgovernmentwillrecoverthelanduserightsaccordingtolaw;ifthetotalamountoftaxpaidintheyearaftertheprojectisputintoproductiondoesnotreachthetotalannualtaxpaymentasagreed,HainanTechnologyshallpayliquidateddamagestotheHaikouDevelopmentZoneManagementCommitteeaccordingtothedifference;ifHainanTechnologyhasidlelandnotduetogovernmentreasonsandforcemajeure,themunicipalgovernmentshallcollectidlelandfeesorrecovertherighttousestate-ownedconstructionland.Asatthedateofthisreport,thefirstphaseoftheHainanIndustrialParkhasbeencompletedandputintoproduction.

2.Contingency

(1)SignificantContingencyonBalanceSheetDate

1)LitigationbetweentheCompanyandYinghe(Shenzhen)RoboticsandAutomationTechnologyCo.,Ltd.Yinghe(Shenzhen)RoboticsandAutomationTechnologyCo.,Ltd.(hereinafterreferredtoasthe“YingheCompany”)andtheCompanyenteredintotheBulbLampIntelligentManufacturingWorkshopProjectConstructionContractin2021.Theprojectfailedtomeetthefinalacceptanceinspectioncriteria,andafterrepeatednegotiationsbetweenbothparties,noagreementwasreached.Therefore,YingheCompanyfiledalawsuitwiththeChanchengDistrictPeople’sCourtofFoshanCityinDecember2023withtheamountofRMB104,403,700involvedinlitigation.InJanuary2024,theCompanyfiledacounterclaimonthegroundsthattheprojectundertakenbyYingheCompanyhadnotreachedthefinalacceptancestandardsfortwoyearsoverdue,constitutingafundamentalbreachofcontract,demandingthatYingheCompanyrefundthecontractamountofRMB26,904,000andpayapenaltyofRMB26,904,000,totalingRMB53,808,000.InSeptember2024,theCompanyreceivedthefirst-instancejudgmentfromthePeople’sCourtofChanchengDistrict,FoshanCity,GuangdongProvince:1.ThecourtdismissedalltheclaimsmadebyYingheCompany;2.YingheCompanyisrequiredtoreturnRMB26,904,000totheCompany;3.YingheCompanyisresponsibleforthecostsofremovingtheequipmentandsystemslocatedintheFoshanLightingproductionworkshop.Bothpartiesappealed,andinJanuary2025,thecasewasheardinthesecond-instancecourt.InFebruary2025,theCompanyreceivedthesecond-instancejudgmentfromtheFoshanIntermediatePeople’sCourt,GuangdongProvince,whichupheldtheoriginalfirst-instancejudgment.InMarch2025,theCompanyappliedforcompulsoryenforcement,andthecasewasacceptedforfilinginJune2025.

2)LitigationbetweentheCompanyandChinaConstructionFourthEngineeringDivisionInstallationEngineeringCo.,Ltd.ChinaConstructionFourthEngineeringDivisionInstallationEngineeringCo.,Ltd.,asacustomeroftheCompany,hasadisputewiththeCompanyoverasalescontract.TheCompanyinitiatedarbitrationwiththeGuangzhouArbitrationCommissionwiththesubjectmatterofthearbitrationamountingtoRMB18,420,100.InDecember2024,bothpartiessignedaSettlementAgreement.Asatthedateofthisreport,ChinaConstructionFourthEngineeringDivisionhasfulfilledpartialobligations,andthecaseispendingfortrial.TheCompanyhasmadeaprovisionforbaddebtsofRMB5,855,300basedonexpectedcreditlosses.

3)LitigationbetweenSub-subsidiaryChongqingGuinuoandHascoVISIONTechnology(Chongqing)Co.,Ltd.andHascoVISIONTechnology(Shanghai)Co.,Ltd.HascoVISIONTechnology(Chongqing)Co.,Ltd.andHascoVISIONTechnology(Shanghai)Co.,Ltd.,ascustomersofsub-subsidiaryChongqingGuinuo,havedisputeswiththesub-subsidiaryChongqingGuinuooversalescontracts.ChongqingGuinuohasfiledalawsuitwithYubeiDistrictPeople’sCourt,Chongqing,withthesubjectmatterofthelawsuitamountingtoRMB17,381,700.ThefirsthearingofthecasewasheldinAugust2024,followedbyasecondhearinginOctoberandathirdinDecember2024.Duringthethreehearings,thecourtrequestedthatthelegalrepresentativesofbothpartiessigntheApplicationforSettlementAgreement,withamediationperiodofthreemonths.InFebruary2025,ChongqingGuinuoreceivedthefirst-instancejudgmentfromtheYubeiDistrictPeople’sCourtofChongqing:allclaimsfiledbyChongqingGuinuoweredismissed.ChongqingGuinuofiledanappealbasedonthefirst-instancejudgment,andtheappealtrialcommencedinApril

2025,andinJune2025,theChongqingNo.1IntermediatePeople’sCourtissuedthesecond-instanceruling,upholdingtheoriginaljudgment.

4)LitigationbetweentheCompany&ItsSubsidiaryFoshanKelian,andFoshanCenturynetIndustrialParkInvestmentandDevelopmentCo.,Ltd.FoshanCenturynetIndustrialParkInvestmentandDevelopmentCo.,Ltd.(hereinafterreferredtoas“Centurynet”)enteredintoaState-OwnedConstructionLandUseRightTransferContractandasupplementaryagreementwiththeFoshanBureauofLandandResources,underwhichCenturynetwaspermittedtodividetheacquiredlandparcelintoeightseparateplots.InApril2016,CenturynetsignedaState-OwnedConstructionLandUseRightTransferContractwithFoshanKelianNewEnergyTechnologyCo.,Ltd.(hereinafterreferredtoas“FoshanKelian”),transferringPlotSeventoFoshanKelian.InJune2023,theFoshanBureauofNaturalResourcesissuedaNoticeonthePaymentofLiquidatedDamagesforDelayedCompletiontoCenturynetregardingPlotFC(G)2010-017(CenturyBinjiangProject),statingthattherequiredcompletiondatefortheeightsubdividedplotswasAugust6,2017,whiletheactualcompletiondatewasAugust19,2021.Asaresult,CenturynetwasrequiredtopayliquidateddamagesfordelayedcompletionamountingtoRMB55,221,600.Basedonthenotice,CenturynetpaidtheliquidateddamagesandsubsequentlyfiledalawsuitagainsttheCompanyanditssubsidiaryFoshanKelian,demandingthattheybearaproportionalshareofthepenalty—RMB11,449,200—aswellasRMB100,000inlegalfees,totalingRMB11,549,200.WhenacquiringFoshanKelian,theCompanysignedanEquityTransferAgreementinwhichthetransferorcommittedthat:ifthetargetcompanyorthetransfereeincursanyloss,claim,orlegalliabilityarisingfromanymatterthatoccurredpriortotheclosingdate(excludingdebtsalreadydisclosedintheauditreport),thetransferorshallbearjointandseveralliabilityandprovidecompensationtothetargetcompanyorthetransfereeincash.InDecember2024,theCompanyreceivedlitigationdocumentsservedbythecourt.Thefirst-instancehearingofthecasewasheldinJanuary2025.InApril2025,theCompanywasservedwiththefirst-instancejudgmentbyFoshanChanchengDistrictPeople’sCourt:FoshanKelianshallpayliquidateddamagesplusaccruedinterestfordelayedcompletiontoCenturynet;FSLshallbearjointandseveralliability.TheCompanysubsequentlyappealedandthesecond-instancetrialcommencedinJune2025.AsatthedateofthisReport,thecaseisstillinthesecondinstanceprocedure.

5)LitigationbetweenSub-subsidiaryChongqingGuinuoandHascoVISIONTechnology(Chongqing)Co.,Ltd.Thesub-subsidiaryChongqingGuinuo,hasadisputewithHascoVISIONTechnology(Chongqing)Co.,Ltd.(hereinafterreferredtoas“HascoVISION”)overaleasecontract.HascoVISIONhasfiledalawsuitwithYubeiDistrictPeople’sCourt,ChongqinginDecember2023,withthesubjectmatterofthelawsuitamountingtoRMB10,433,900.ThefirstinstancetrialofthiscasewasheldinAugust2024,followedbyasecondtrialinSeptemberofthesameyear.InNovember2024,thePeople’sCourtofYubeiDistrict,Chongqing,issuedacivilrulingtosuspendthelitigation.InJuly2025,YubeiDistrictPeople’sCourt,ChongqingnotifiedthatthetrialwouldbeheldinAugust2025.Afterthetwopartiesreachedapreliminarysettlementconsensus,ChongqingGuinuoappliedforapostponementofthetrial.Asatthedateofthisreport,thecaseisstillintheprocedureofthefirstinstance.

6)LitigationbetweentheCompanyandIndustrialandCommercialBankofChina,FoshanBranchInApril2023,thecompanyengagedinforeignexchangeoptionsbusinesswithIndustrialandCommercialBankofChinaLimited,FoshanBranch(hereinafterreferredtoas“ICBCFoshan”).Adisputearoseduetotransactiondifferences,andaspertheagreement,ICBCFoshanwasrequiredtocompensateforadifferenceofRMB15,883,400.InApril2025,theCompanyfiledalawsuitwiththePeople’sCourtofChanchengDistrict,Foshan.ThecasewasheardinthefirstinstanceinJune2025.Asatthedateofthisreport,thecaseisstillinthefirst-instanceprocedure.

7)LandacquisitionpenaltymatterinvolvingNanjingFozhaoLightingComponentsManufacturingCo.,Ltd.OnJuly10,2020,thePeople’sGovernmentofLishuiDistrict,NanjingissuedtheDecisionontheExpropriationofHousesonState-OwnedLandfortheLishuiDistrictHonglanSubdistrictAffordableHousingConstructionProject(DocumentNo.[2020]18oftheNanjingLishuiGovernment),decidingtoexpropriatethelandandabove-groundstructureslocatedatNo.688,JinniuNorthRoad,HonglanSubdistrict,LishuiDistrict,Nanjing,ownedbyNanjingFozhaoLighting.TheexpropriationwastobeimplementedbyNanjingLishuiDistrictDemolitionandResettlementCo.,Ltd.(hereinafterreferredtoasthe“DemolitionCompany”).OnDecember15,2021,theDemolitionCompanyandNanjingFozhaoLightingenteredintotheHouseExpropriationandCompensationAgreementforState-OwnedLandinLishuiDistrict,Nanjing,stipulatingatotalcompensationamountof

RMB183,855,900.TheagreementrequiredtheDemolitionCompanytomakeaone-timefullpaymentwithinfifteendaysafterNanjingFozhaoLightingvacatedthepremises.Italsowasagreedthatthebreachingpartywouldbeliabletopayliquidateddamagescalculatedatadailyrateof0.05%ofthecompensationamount.OnDecember16,2021,NanjingFozhaopromisedtocompletetheleaseclearanceandhousehandoverbeforeMay31,2022.However,thelasthousingrentalenterprisewasactuallyrelocatedonSeptember9,2024,andthedemolitioncompanycompletedthelandandhousereceptionofthelasthousingrentalenterpriseonJanuary7,2025.Currently,thetwopartiesarenegotiatingandimplementingissuessuchascontractfulfillmentresponsibilitiesandpaymentoftheremainingcompensation.

8)LitigationmattersbetweensubsidiaryNationStarOptoelectronicsandLighthouseTechnologies(Huizhou)LimitedandLighthouseTechnologiesLimitedNationStarOptoelectronicssuedLighthouseTechnologies(Huizhou)Limited(hereinafterreferredtoas“HuizhouLighthouse”)andLighthouseTechnologiesLimited(hereinafterreferredtoas“Lighthouse”)forasalescontractdisputeinvolvinganamountofRMB25,882,900.Amongthem,theaccountreceivableinvolvedisRMB25,352,200andtheinterestisRMB530,700.Thespecificbasicsituationandprogressofthecaseareasfollows:

HuizhouLighthousehasbeenoverdueinpayingNationStarOptoelectronics’sgoodssinceApril2024,withatotaloverdueamountofRMB25,352,200.Inviewofthis,NationStarOptoelectronicsfiledalawsuitwiththePeople’sCourtofChanchengDistrict,FoshanCity,GuangdongProvinceinNovember2024.ThetrialcommencedinMarch2025.InJune2025,NationStarOptoelectronicswasservedwiththefirst-instancejudgmentordering:(1)HuizhouLighthousetopayNationStarOptoelectronicsRMB25,352,200inoutstandingprincipalplusinterestaccruingat130%oftheLPRfromthedateofdefaultuntilfullpayment;(2)Lighthousejointlyandseverallyliableforthesaiddebt;(3)alllitigationandpreservationcostsbornejointlyandseverally.Asofthedisclosuredateofthisreport,noappealinformationoftheotherpartyhasbeenreceived.Inresponsetotheabovematters,NationStarOptoelectronicsfiledaclaimwiththeinsurancecompanyunderthe"2023-2024DomesticTradeCreditInsurance(Short-term)InsuranceContract"andreceivedaninsurancepaymentofRMB22.817milliononMay16,2025.

(2)InDespiteofnoSignificantContingencytoDisclose,theCompanyShallAlsoMakeRelevantStatementsTherewasnosignificantcontingencyintheCompany.

3.Other

(1)AsatJune30,2024,mutualguaranteesamongLiaowangAutoLampanditssubsidiarieswereasfollows(RMB’0,000):

No.	Principaldebtor	Principaldebtee(Lender)	Guarantor	Typeofguarantee	GuaranteeAmount	Guaranteebalance
1	NanningLiaowangAutoLampCo.,Ltd.,LiuzhouGuigeFuxuanTechnologyCo.,Ltd.,LiuzhouGuigeLightingTechnologyCo.,Ltd.(Note1)	NanningBranchofIndustrialBank	NanningLiaowangAutoLampCo.,Ltd.	Pledge	6,350.00	3,063.49
2	ChongqingGuinuoLightingTechnologyCo.,Ltd.(Note2)	ChongqingBranchofIndustrialBank	ChongqingGuinuoLightingTechnologyCo.,Ltd.	Pledge	7,000.00	3,870.05
3	NanningLiaowangAutoLampCo.,Ltd.,LiuzhouGuigeFuxuanTechnology	NanningBranchofIndustrial	LiuzhouGuigeLightingTechnologyCo.,	Pledge	14,300.00	3,501.50

No.	Principaldebtor	Principaldebtee(Lender)	Guarantor	Typeofguarantee	GuaranteeAmount	Guaranteebalance
	Co.,Ltd.,andLiuzhouGuigeLightingTechnologyCo.,Ltd.(Note3)	Bank	Ltd.
	Total	-	-	-	27,650.00	10,435.04

Note1:LiaowangAutoLampandNanningBranchofIndustrialBanksignedtheMasterAgreementforDomesticLetterofCreditFinancingnumberedM0120240409000444,borrowingRMB20millionfromNanningBranchofIndustrialBank(termfromApril15,2024toApril9,2025),whichhasbeensettledonApril9,2025;LiaowangAutoLampandNanningBranchofIndustrialBankenteredintotheMaximumFinancingAgreement(X.Y.G.CH.B.R.Z.Z.[2022]No.(01))toconductabilltransactionofRMB30.6349million.LiaowangAutoLampprovidesmortgageguaranteewiththeimmovablepropertyownedascollateral,andthebalanceofitscreditor’srightsdoesnotexceedthemaximummortgageprincipalofRMB69.1391million.ThemortgageamountisvalidfromApril25,2022toDecember31,2025andtheguaranteeamountisRMB63.5million.Themortgagedrealestateis1)Y.G.(2017)N.N.SH.B.D.CH.Q.Z.No.0065501;2)E.G.(2017)N.N.SH.B.D.CH.Q.Z.No.0065499;3)S.G.(2017)N.N.SH.B.D.CH.Q.Z.No.0065498;4)S.G.(2017)N.N.SH.B.D.CH.Q.Z.No.0065497.Note2:ChongqingGuinuoandChongqingBranchofIndustrialBankenteredintotheFixedAssetLoanContractnumberedCQ2023-477,withthecontractamountbeingRMB50million(fromJune21,2023toJune20,2026).AsatJune30,2025,RMB38.7005millionhadbeenused.ChongqingGuinuoandChongqingBranchofIndustrialBankenteredintotheMaximumMortgageContract(X.Y.Y.L.J.G.N.D.[2023]No.001)andtheMaximumMortgageContract(X.Y.Y.K.G.G.N.D.[2024]No.001)toconductabilltransactionofRMB70million.ChongqingGuinuoprovidesmortgageguaranteewiththeimmovablepropertyownedascollateral,andthebalanceofitscreditor’srightsdoesnotexceedthemaximummortgageprincipalofRMB240million.ThemortgageamountisvalidfromMay21,2024toMay20,2025andtheguaranteeamountisRMB70million.Themortgagedrealestateisa)Y.Y.(2020)L.J.X.Q.B.D.C.Q.No.000436821,b)E.Y.(2020)L.J.X.Q.B.D.C.Q.No.000437330,c)S.Y.(2020)L.J.X.Q.B.D.C.Q.No.000437429andd)S.Y.(2020)L.J.X.Q.B.D.C.Q.No.000437448.Note3:LiuzhouPhotoelectricenteredintotheMaximumFinancingAgreementnumberedX.Y.G.CH.B.R.Z.Z.(2022)No.(02)withNanningBranchofIndustrialBank,incurringanotebusinessofRMB35.0150million.LiuzhouGuigePhotoelectricprovidesmortgageguaranteewiththeimmovablepropertyownedascollateral,andthebalanceofitscreditor’srightsdoesnotexceedthemaximummortgageprincipalofRMB139.9437million.ThemortgageamountisvalidfromApril24,2022toDecember31,2025andtheguaranteeamountisRMB143million.Themortgagedrealestateis:a)Y.G.(2019)L.ZH.SH.B.D.CH.Q.No.0191988,locatedatNo.1FactoryBuilding,No.12HengsiRoad,Cheyuan;b)E.G.(2019)L.ZH.SH.B.D.CH.Q.No.0191991,locatedinthemouldCenterofNo.12HengsiRoad,Cheyuan;c)S.G.(2019)L.ZH.SH.B.D.CH.Q.No.0191994,locatedinthelogisticsgateguardroomatNo.12HengsiRoad,Cheyuan;d)S.G.(2019)L.ZH.SH.B.D.CH.Q.No.0191995,locatedintheguardroomofGate12,HengsiRoad,Cheyuan.

(2)AsatJune30,2025,theguaranteearrangementsofHuleElectricCompanywereasfollows(RMB’0,000):

No.	Principaldebtor	Principaldebtee(Lender)	Guarantor	Typeofguarantee	Guaranteeamount	Guaranteebalance
1	ZhejiangHuleElectricalEquipmentManufactureCo.,Ltd.	AgriculturalBankofChinaLimited,JiaxingNanhu	ZhejiangHuleElectricalEquipmentManufacturingCo.,Ltd.	Mortgaged	2,000.00	1,360.62

(Note1)	Sub-branch
Total	——	——	——	2,000.00	1,360.62

HuleElectricalEquipmententeredintoMaximumMortgageContract(No.33100620230099053)withJiaxingNanhuSub-branchoftheAgriculturalBankofChina.Underthecontract,HuleElectricpledgeditsrealestateassetsascollateraltosecuredebts,withthemaximumsecuredprincipalnotexceedingRMB31.18million.TheguaranteedamountisRMB20million.ThemortgagecontractisvalidfromAugust21,2023toAugust,202028.Themortgagedpropertiesare:a)PropertyOwnershipCertificateNo.00479600,NanhuDistrict,Jiaxing;b)PropertyOwnershipCertificateNo.00479599,NanhuDistrict,Jiaxing.

XVII.EventsafterBalanceSheetDate

1.SignificantNon-adjustedEventsNaught.

2.ProfitDistributionNaught.

3.SalesReturnNaught.

4.NotestoOtherEventsafterBalanceSheetDateNaught.

XVIII.OtherSignificantMatters

1.TheAccountingErrorsCorrectioninPreviousPeriodNaught.

2.DebtRestructuringNosuchcasesintheReportingPeriod.

3.AssetsReplacementNaught.

4.PensionPlansInaccordancewithprovisionsofMeasuresforEnterpriseAnnuity(R.SH.B.L.No.36),MeasuresforManagingEnterpriseAnnuityFund(R.SH.B.L.No.11)andotherpolicies,theCompanyhasformulatedtheEnterpriseAnnuityPlanofFoshanElectricalandLightingCo.,Ltd.(hereinafterreferredtoasthe“Plan”).ThePlanadoptsthecorporatetrusteeshipmode.ThecollectedenterpriseannuityfundwillbemanagedbythetrusteeentrustedbyFoshanElectricalandLightingCo.,Ltd.withtheEnterpriseAnnuityFundTrusteeship

Contract.Thetrusteeoftheenterpriseannuityfundshouldappointcustodians,accountmanagers,andinvestmentmanagerswiththequalificationofmanagingenterpriseannuitytoprovideunifiedrelatedservices.TheexpensesrequiredshallbejointlybornebytheCompanyandtheemployees.ThepaymentchannelsoftheCompanyshallbeimplementedaccordingtorelevantregulationsofthestate,andthepartthatshallbepaidbyemployeesthemselveswillbewithheldandpaidbytheCompanyfromtheirsalaries.ThePlanhasbeenfiledatChanchengDistrictHumanResourcesandSocialSecurityBureauofFoshanCityandimplementedsinceJune1,2022.Themanagementoftheenterpriseannuityfundissubjecttothesupervisionandinspectionofrelevantstatedepartments.

5.DiscontinuedOperationsNaught.

6.SegmentInformation

(1)DeterminationBasisandAccountingPoliciesofReportableSegmentWiththedeploymentoftheCompany’sstrategicmanagementandtheexpansionofbusinesssegments,basedontherequirementsofregulatorylawsandregulations,companymanagement,etc.,operatingsegmentswillbedetermined,whichareasfollows:

?Generallighting,automotivelampsproductssegment:Generallighting,automotivelampsproductssegmentresearchanddevelopment,manufacturingandsales;?LEDpackagingandcomponents,otherproductssegment:Researchanddevelopment,manufacturingand

salesofLEDpackagingandcomponents,andotherproducts;Inter-segmenttransferpricesaredeterminedwithreferencetothepricesusedforsalestothirdparties.Assets,liabilitiesandexpensesaredeterminedbasedonthefinancialdataofeachsegment.

(2)TheFinancialInformationofReportableSegment

Unit:RMB

Item	Generallightingandvehiclelampproducts	LEDpackagingandcomponentproductsandotherproducts	Offsetamongsegments	Total
I.Operatingrevenue	2,754,454,796.20	1,681,244,438.51	-49,968,114.93	4,385,731,119.78
II.Costofsales	2,137,285,391.26	1,477,504,380.21	-49,469,214.79	3,565,320,556.68
III.Incomefrominvestmentstojointventuresandassociates	646,719.77			646,719.77
IV.Creditimpairmentloss	-8,545,614.22	-3,560,903.16	5,021.69	-12,101,495.69
V.Assetimpairmentloss	-14,480,541.18	-7,944,330.15		-22,424,871.33

VI.Depreciationandamortizationcost	166,817,846.91	171,295,116.37	-381,130.00	337,731,833.28
VII.Totalprofits	145,087,132.84	23,888,549.11	-2,732,993.30	166,242,688.65
VIII.Incometaxexpense	19,071,097.85	-682,455.27	-69,829.66	18,318,812.92
IX.Netprofits	126,016,034.99	24,571,004.38	-2,663,163.64	147,923,875.73
X.Totalassets	11,973,607,913.80	6,102,640,322.34	-903,326,170.81	17,172,922,065.33
XI.Totalliabilities	4,630,707,143.21	2,278,782,795.15	-82,380,687.15	6,827,109,251.21

(3)IfthereWasnoReportableSegment,ortheTotalAmountofAssetsandLiabilitiesofEachReportableSegmentCouldNotBeReported,RelevantReasonsShallBeClearlyStatedNaught.

(4)OthernotesNaught.

7.OtherSignificantTransactionsandEventswithInfluenceonInvestors’Decision-makingNaught.

8.Other

(1)DemolitionMattersofNanjingFozhaoTheCompanyheldthe24thMeetingofthe9thBoardofDirectorsonDecember15,2021,wheretheProposalonExpropriationofLandandAbove-groundHousingoftheWholly-ownedSubsidiaryNanjingFozhaoLightingEquipmentManufacturingCo.,Ltd.,wasdeliberatedandadopted.TheBoardofDirectorsagreedthatNanjingLishuiDistrictPeople’sGovernmentexpropriatesthelanduserightsandabove-landhousingofNanjingFozhaoLighting,awholly-ownedsubsidiaryoftheCompany,atacompensationamountofRMB183,855,900.00,andNanjingFozhaosignedanexpropriationandcompensationagreementwithLishuiCountyHouseDismantling,Moving&ResettlingDevelopmentCo.,Ltd.,theimplementingunitofthehousingexpropriation.InDecember2021,NanjingFozhaoreceived30%ofthecompensation,thatis,RMB55,160,000.00,andthelanduserightcertificateandhouseownershipcertificateoftheassetsinvolvedhavebeencancelled.Afterthedemolitionworkiscompleted,NanjingFozhaoplanstocarryoutliquidationandcancellation.AsatJanuary7,2025,LishuiDistrictDemolitionandResettlementCo.,Ltd.ofNanjinghadtakenpossessionofalllandandabove-groundbuildingsofNanjingFozhao.Asatthedisclosuredateofthisreport,bothpartiesareinnegotiationandimplementationregardingtheperformanceofthecontractandthepaymentoftheremainingcompensation.Afterthedemolitionworkiscompleted,NanjingFozhaoplanstocarryoutliquidationandcancellation.

(2)ParticipationintheSubscriptionofthePrivatePlacementofA-sharesbytheControllingSubsidiaryNationStarOptoelectronicsin2025TheCompany’scontrollingsubsidiary,FoshanNationStarOptoelectronicsCo.,Ltd.(stockabbreviation:

NationStarOptoelectronics,stockcode:002449),inordertoseizeindustrydevelopmentopportunities,optimizeitsproductstructure,enhanceitstechnologyreserves,strengthenitsR&Dcapabilities,andfurtherimproveits

corecompetitivenessandsustainabledevelopmentcapacity,proposestoissuenomorethan185,543,150A-shares(inclusive)throughaprivateplacement,raisingtotalproceedsofnomorethanRMB981.3239million(inclusive),tobeusedforthe“Ultra-highDefinitionMini/MicroLEDandDisplayModuleManufacturingProject”,the“OptoelectronicSensorandIntelligentHealthDeviceIndustrializationProject”,the“SmartHomeDisplayandMiniBacklightModuleConstructionProject”,the“IntelligentAutomotiveDeviceandApplicationProject”,the“NationStarOptoelectronicsR&DLaboratoryProject”,aswellasforreplenishmentofworkingcapital.TheCompanywillsubscribefortheprivateplacementofA-sharesbyNationStarOptoelectronicswithitsownfunds(excludingtheraisedfunds),withasubscriptionamountofRMB116million,andthefinalnumberofsharestobesubscribedwillbedeterminedbasedontheactualissuepriceofNationStarOptoelectronics.TheCompanyhasenteredintoaconditionalShareSubscriptionAgreementwithNationStarOptoelectronicsandprovidedtherelevantundertakings.Fordetails,pleaserefertotheAnnouncementonParticipationintheSubscriptionofthePrivatePlacementofA-sharesbytheControllingSubsidiaryNationStarOptoelectronicsin2025disclosedbytheCompanyonJuly11,2025onthewebsiteofCNINFO.

XIX.NotesofMainItemsintheFinancialStatementsoftheCompanyastheParent

1.AccountsReceivable

(1)DisclosurebyAging

Unit:RMB

Ageing	Endingcarryingbalance	Beginningcarryingbalance
Withinoneyear(includingoneyear)	683,951,617.48	611,829,771.52
Onetotwoyears	61,650,292.34	87,098,817.76
Twotothreeyears	60,276,000.42	61,831,224.89
Overthreeyears	87,183,426.90	89,329,641.58
Threetofouryears	56,049,883.91	68,133,250.97
Fourtofiveyears	14,180,221.08	5,227,888.30
Overfiveyears	16,953,321.91	15,968,502.31
Total	893,061,337.14	850,089,455.75

(2)DisclosurebyWithdrawalMethodsforBadDebts

Unit:RMB

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion		Amount	Proportion	Amount	Withdrawalproportion

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Accountsreceivableforwhichbaddebtprovisionaccruedseparately	73,111,546.63	8.19%	54,742,012.11	74.87%	18,369,534.52	97,598,472.58	11.48%	55,270,828.47	56.63%	42,327,644.11
Accountsreceivablewithdrawalofbaddebtprovisionbyportfolio	819,949,790.51	91.81%	52,936,128.60	6.46%	767,013,661.91	752,490,983.17	88.52%	49,561,358.97	6.59%	702,929,624.20
Ofwhich:
(1)Businessportfolioofgenerallightingandautolamps	737,414,861.99	82.57%	52,936,128.60	7.18%	684,478,733.39	674,720,665.62	79.37%	49,561,358.97	7.35%	625,159,306.65
(2)Internalbusinessportfolio	82,534,928.52	9.24%			82,534,928.52	77,770,317.55	9.15%			77,770,317.55
Total	893,061,337.14	100.00%	107,678,140.71	12.06%	785,383,196.43	850,089,455.75	100.00%	104,832,187.44	12.33%	745,257,268.31

Categorynameofbaddebtprovisionaccruedbyitem:Accountsreceivableforwhichbaddebtprovisionaccruedseparately.

Unit:RMB

Name	Beginningbalance		Endingbalance
Name	Carryingamount	Baddebtprovision	Carryingamount	Baddebtprovision	Withdrawalproportion	Reasonforwithdraw
CustomerA	11,187,337.20	11,187,337.20	11,187,337.20	11,187,337.20	100.00%	Litigationinvolved
CustomerB	12,462,884.41	12,462,884.41	11,846,436.54	11,846,436.54	100.00%	Dishonestandhigh-riskentities;recoveryisdeemedunlikely.
Total	23,650,221.61	23,650,221.61	23,033,773.74	23,033,773.74

Categorynameofbaddebtprovisionaccruedbygroup:(1)Businessportfolioofgenerallightingandautolamps;

(2)internalbusinessportfolio.

Unit:RMB

Name	Endingbalance
Name	Carryingamount	Baddebtprovision	Withdrawalproportion
(1)Businessportfolioofgenerallightingandautolamps	737,414,861.99	52,936,128.60	7.18%
(2)Internalbusinessportfolio	82,534,928.52
Total	819,949,790.51	52,936,128.60

Notes:

PleaserefertoNoteV-13.AccountsReceivablefordetails.Ifadoptingthegeneralmodeofexpectedcreditlosstowithdrawbaddebtprovisionofaccountsreceivable:

□Applicable?Notapplicable

(3)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriodInformationofbaddebtprovisionwithdrawn:

Unit:RMB

Category	Beginningbalance	ChangesintheReportingPeriod					Endingbalance
Category	Beginningbalance	Withdrawal	Current-periodrecoveryofprior-periodwrite-offs	Reversalorrecovery	Write-off	Others	Endingbalance
Accountsreceivableforwhichbaddebtprovisionaccruedseparately	55,270,828.47	516,389.91		1,045,206.27			54,742,012.11
Accountsreceivablewithdrawalofbaddebtprovisionbyportfolio	49,561,358.97	3,453,009.16			78,239.53		52,936,128.60
Total	104,832,187.44	3,969,399.07		1,045,206.27	78,239.53		107,678,140.71

Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:Naught.

(4)AccountsReceivablewithActualVerificationduringtheReportingPeriod

Unit:RMB

Item	Amountverified
Accountsreceivablewithactualverification	78,239.53

Ofwhich,verificationofsignificantaccountsreceivable:Naught.Notestoverificationofaccountsreceivable:

TheamountofaccountsreceivablewrittenoffinthecurrentperiodwasRMB78,239.53,andthebaddebtprovisionwasRMB78,239.53.TheapprovalprocedurewasperformedinaccordancewithprovisionsofthebaddebtmanagementsystemoftheCompany.

(5)TopFiveAccountsReceivableandContractAssetsinEndingBalanceCollectedaccordingtotheArrearsParty

Unit:RMB

Nameoftheentity	Endingbalanceofaccountsreceivable	Endingbalanceofcontractassets	Endingbalanceofaccountsreceivableandcontractassets	Proportiontototalendingbalanceofaccountsreceivableandcontractassets	Endingbalanceofbaddebtprovisionofaccountsreceivableandimpairmentprovisionforcontractassets
No.1	114,168,148.32		114,168,148.32	12.75%	3,425,044.45
No.2	102,522,801.14		102,522,801.14	11.45%	3,075,684.03
No.3	52,437,451.67		52,437,451.67	5.86%	15,657,156.84
No.4	46,489,677.86		46,489,677.86	5.19%
No.5	28,889,921.19		28,889,921.19	3.23%	866,697.64
Total	344,508,000.18		344,508,000.18	38.48%	23,024,582.96

2.OtherReceivables

Unit:RMB

Item	Endingbalance	Beginningbalance
Dividendsreceivable	4,733,110.26
Otherreceivables	1,156,847,864.04	944,184,445.88

Total

1,161,580,974.30

944,184,445.88

(1)InterestReceivableNaught.

(2)DividendsReceivable

1)CategoryofDividendsReceivable

Unit:RMB

Item	Endingbalance	Beginningbalance
NanjingLiaowangAutoLampCo.,Ltd.	4,733,110.26
Total	4,733,110.26

2)SignificantDividendsReceivableAgedover1YearNaught.

3)DisclosurebyWithdrawalMethodsforBadDebts

□Applicable?Notapplicable

4)BadDebtProvisionWithdrawal,ReversedorRecoveredintheCurrentPeriodNaught.

5)DividendsReceivablewithActualVerificationduringtheReportingPeriodNaught.

(3)OtherReceivables

1)OtherReceivablesDisclosedbyAccountNature

Unit:RMB

Nature	Endingcarryingbalance	Beginningcarryingbalance
Otherintercourse	1,154,388,886.04	936,571,845.70
Performancebond	5,458,921.47	5,349,914.65
Rent,water&electricityfees	1,834,411.66	1,283,664.90

Nature	Endingcarryingbalance	Beginningcarryingbalance
Staffborrowandpettycash	856,748.32	482,910.18
VATexporttaxrefunds		5,974,168.41
Total	1,162,538,967.49	949,662,503.84

2)DisclosurebyAging

Unit:RMB

Ageing	Endingcarryingbalance	Beginningcarryingbalance
Withinoneyear(includingoneyear)	445,299,195.82	410,148,181.90
Onetotwoyears	226,638,116.09	109,304,181.17
Twotothreeyears	77,163,436.17	37,014,033.22
Overthreeyears	413,438,219.41	393,196,107.55
Threetofouryears	410,859,611.40	390,960,824.47
Fourtofiveyears	999,286.01	975,961.08
Overfiveyears	1,579,322.00	1,259,322.00
Total	1,162,538,967.49	949,662,503.84

3)DisclosurebyWithdrawalMethodsforBadDebts

Unit:RMB

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Withdrawalofbaddebtprovisionbyindividualitem
Withdrawalofbaddebtprovisionby	1,162,538,967.49	100.00%	5,691,103.45	0.49%	1,156,847,864.04	949,662,503.84	100.00%	5,478,057.96	0.58%	944,184,445.88

Category	Endingbalance					Beginningbalance
	Carryingamount		Baddebtprovision		Carryingvalue	Carryingamount		Baddebtprovision		Carryingvalue
	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue	Amount	Proportion	Amount	Withdrawalproportion	Carryingvalue
Withdrawalofbaddebtprovisionbyindividualitem
group
Ofwhich:
Otherreceivablesofbaddebtprovisionwithdrawnbycreditriskcharacteristicportfolio:	1,162,538,967.49	100.00%	5,691,103.45	0.49%	1,156,847,864.04	949,662,503.84	100.00%	5,478,057.96	0.58%	944,184,445.88
Total	1,162,538,967.49	100.00%	5,691,103.45	0.49%	1,156,847,864.04	949,662,503.84	100.00%	5,478,057.96	0.58%	944,184,445.88

Withdrawalofbaddebtprovisionbygroup:Withdrawalofbaddebtprovisionbasedoncreditriskcharacteristicportfolio

Unit:RMB

Name	Endingbalance
Name	Carryingamount	Baddebtprovision	Withdrawalproportion
Otherreceivablesofbaddebtprovisionwithdrawnbycreditriskcharacteristicportfolio:	1,162,538,967.49	5,691,103.45	0.49%
Total	1,162,538,967.49	5,691,103.45

Notes:

PleaserefertoNoteV-13.AccountsReceivablefordetails.Withdrawalofbaddebtprovisionbyadoptingthegeneralmodeofexpectedcreditloss:

Unit:RMB

Baddebtprovision	PhaseI	PhaseII	PhaseIII	Total
Baddebtprovision	Expectedcreditlossofthenext12months	Expectedlossintheduration(creditimpairmentnotoccurred)	Expectedlossintheduration(creditimpairmentoccurred)	Total
BalanceofJanuary1,2025	919,700.54	4,558,357.42		5,478,057.96
BalanceofJanuary1,2025intheCurrentPeriod
WithdrawaloftheCurrentPeriod	-184,090.12	397,135.61		213,045.49
BalanceofJune30,2025	735,610.42	4,955,493.03		5,691,103.45

□Applicable?Notapplicable

4)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriodInformationofbaddebtprovisionwithdrawn:

Unit:RMB

Category	Beginningbalance	ChangesintheReportingPeriod				Endingbalance
Category	Beginningbalance	Withdrawal	Reversalorrecovery	Charged-off/Written-off	Others	Endingbalance
Otherreceivables	5,478,057.96	213,045.49				5,691,103.45
Total	5,478,057.96	213,045.49				5,691,103.45

OfwhichthebaddebtprovisionreversedorrecoveredwithsignificantamountduringtheReportingPeriod:

Naught.

5)ParticularsoftheActualVerificationofOtherReceivablesduringtheReportingPeriodNaught.

6)Top5oftheEndingBalanceoftheOtherReceivablesCollectedaccordingtotheArrearsParty

Unit:RMB

Nameoftheentity	Nature	Endingbalance	Ageing	Proportiontototalendingbalanceofotherreceivables(%)	Endingbalanceofbaddebtprovision
No.1	Internalgroup	496,425,090.60	Withinfouryears	42.70%
No.2	Internalgroup	327,453,965.21	Withinthreeyears	28.17%
No.3	Internalgroup	276,269,469.08	Withinoneyear	23.76%
No.4	Otherintercourse	15,883,375.00	Withintwoyears	1.37%	1,588,337.50
No.5	Otherintercourse	14,840,849.57	Withinoneyear	1.28%	445,225.49
Total		1,130,872,749.46		97.28%	2,033,562.99

7)PresentationinOtherReceivablesDuetotheCentralizedManagementofFundNaught.

3.Long-termEquityInvestment

Unit:RMB

Item	Endingbalance			Beginningbalance
Item	Carryingamount	Depreciationreserves	Carryingvalue	Carryingamount	Depreciationreserves	Carryingvalue
Investmenttosubsidiaries	2,428,772,025.91	127,478,834.25	2,301,293,191.66	2,381,355,425.91	127,478,834.25	2,253,876,591.66
Investmenttojointventuresandassociatedenterprises	180,947,314.66		180,947,314.66	180,300,594.89		180,300,594.89
Total	2,609,719,340.57	127,478,834.25	2,482,240,506.32	2,561,656,020.80	127,478,834.25	2,434,177,186.55

(1)InvestmenttoSubsidiaries

Unit:RMB

Investee	Beginningbalance(carryingvalue)	Beginningbalanceofimpairmentprovision	Increase/decrease				Endingbalance(carryingvalue)	Endingbalanceofimpairmentprovision
Investee	Beginningbalance(carryingvalue)	Beginningbalanceofimpairmentprovision	Additionalinvestment	Reducedinvestment	Withdrawalofimpairmentprovision	Others	Endingbalance(carryingvalue)	Endingbalanceofimpairmentprovision
FoshanNationStarOptoelectronicsCo.,Ltd.	1,084,611,411.69	127,478,834.25					1,084,611,411.69	127,478,834.25
NanningLiaowangAutoLampCo.,Ltd.	493,880,163.76						493,880,163.76
Fozhao(Hainan)TechnologyCo.,Ltd.	200,000,000.00						200,000,000.00
FoshanKelianNewEnergyTechnologyCo.,Ltd.	170,000,000.00						170,000,000.00
FSLChanchangLightingCo.,Ltd.	82,507,350.00						82,507,350.00
NanjingFozhaoLightingComponentsManufacturingCo.,Ltd.	72,000,000.00						72,000,000.00
FoshanElectrical&Lighting(Xinxiang)Co.,Ltd.	35,418,439.76						35,418,439.76
FSLZhidaElectricTechnologyCo.,Ltd.	25,500,000.00						25,500,000.00
FoshanHaolaiteLightingCo.,Ltd.	16,685,000.00		24,916,600.00				41,601,600.00
FoshanFozhaoZhichengTechnologyCo.,Ltd.	50,000,000.00						50,000,000.00
FoshanTaimeiTimesLampsandLanternsCo.,Ltd.	350,000.00						350,000.00
FozhaoHuaguang(Maoming)TechnologyCo.,Ltd.	22,920,000.00						22,920,000.00
FoshanSigmaVentureCapitalCo.,Ltd.	4,226.45						4,226.45

Investee	Beginningbalance(carryingvalue)	Beginningbalanceofimpairmentprovision	Increase/decrease				Endingbalance(carryingvalue)	Endingbalanceofimpairmentprovision
Investee	Beginningbalance(carryingvalue)	Beginningbalanceofimpairmentprovision	Additionalinvestment	Reducedinvestment	Withdrawalofimpairmentprovision	Others	Endingbalance(carryingvalue)	Endingbalanceofimpairmentprovision
BeijingHangxinAirNavigationTechnologyCo.,Ltd.			22,500,000.00				22,500,000.00
Total	2,253,876,591.66	127,478,834.25	47,416,600.00				2,301,293,191.66	127,478,834.25

(2)InvestmenttoJointVenturesandAssociatedEnterprises

Unit:RMB

Investee

Beginningbalance(carryingvalue)

Beginningbalanceofimpairmentprovision

Increase/decrease

Endingbalance(carryingvalue)

Endingbalanceofimpairmentprovision

Additionalinvestment

Reducedinvestment

Gainsandlossesrecognizedundertheequitymethod

Adjustmentofothercomprehensiveincome

Changesofotherequity

Cashbonusorprofitsannouncedtoissue

Withdrawalofimpairmentprovision

Others

I.Jointventures

II.Associatedenterprises

ShenzhenPrimatronix(Nanho)ElectronicsLtd.

180,300,594.89

646,719.77

180,947,314.66

Sub-total

180,300,594.89

646,719.77

180,947,314.66

Total

180,300,594.89

646,719.77

180,947,314.66

Therecoverableamountisdeterminedbasedonthenetamountofthefairvalueminusdisposalcosts

□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheexpectedfuturecashflow

□Applicable?NotapplicableThereasonforthediscrepancybetweentheforegoinginformationandtheinformationusedintheimpairmenttestsinprioryearsorexternalinformationNaught.

ThereasonforthediscrepancybetweentheinformationusedintheCompany’simpairmenttestsinprioryearsandtheactualsituationofthoseyearsNaught.

(3)OtherNotesNaught.

4.OperatingRevenueandCostofSales

Unit:RMB

Item	ReportingPeriod		Sameperiodoflastyear
Item	Operatingrevenue	Costofsales	Operatingrevenue	Costofsales
Mainoperations	1,340,130,009.75	1,070,064,893.17	1,741,973,631.59	1,333,137,814.58
Otheroperations	35,583,654.94	28,872,339.12	57,827,707.33	45,413,563.22
Total	1,375,713,664.69	1,098,937,232.29	1,799,801,338.92	1,378,551,377.80

5.InvestmentIncome

Unit:RMB

Item	ReportingPeriod	Sameperiodoflastyear
Incomefromlong-termequityinvestmentsaccountedforusingcostmethod	7,386,452.51	3,184,010.70
Incomefromlong-termequityinvestmentsaccountedforusingequitymethod	646,719.77	1,444,720.72
Investmentincomefromdisposaloftradingfinancialassets	215,850.00	342,400.00
Dividendincomefromholdingofotherequityinstrumentinvestment	9,249,795.26	19,494,518.75
Interestincomeofinvestmentinotherdebtobligationsduringholdingperiod	14,067,520.92	13,671,028.14
Total	31,566,338.46	38,136,678.31

6.OthersNaught.XX.SupplementaryMaterials

1.ExceptionalGainsandLosses?Applicable□Notapplicable

Unit:RMB

Item	Amount	Note
Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs)	-47,603.62
Governmentgrantsrecognizedincurrentprofitorloss(exclusiveofthosethatarecloselyrelatedtotheCompany’snormalbusinessoperationsandgiveninaccordancewithdefinedcriteriaandincompliancewithgovernmentpolicies,andhaveacontinuingimpactontheCompany’sprofitorloss)	20,828,366.39
Gainorlossonfair-valuechangesinfinancialassetsandliabilitiesheldbyanon-financialenterprise,aswellasondisposaloffinancialassetsandliabilities(exclusiveoftheeffectiveportionofhedgesthatariseintheCompany’sordinarycourseofbusiness)	758,629.50
Capitaloccupationchargesonanon-financialenterprisethatarechargedtocurrentprofitorloss	1,135,048.55
Reversedportionsofimpairmentallowancesforreceivableswhicharetestedindividuallyforimpairment	1,563,182.27
Non-operatingincomeandexpenseotherthantheabove	9,030.37
Less:Incometaxeffects	3,436,802.38
Non-controllinginterestseffects(netoftax)	11,893,083.13

Item	Amount	Note
Total	8,916,767.95	--

Detailsofotheritemsthatmeetthedefinitionofexceptionalgain/loss:

□Applicable?Notapplicable

2.ReturnonEquity(ROE)andEarningsPerShare(EPS)

ProfitintheReportingPeriod	WeightedaverageROE	EPS(RMB/share)
ProfitintheReportingPeriod	WeightedaverageROE	BasicEPS(RMB/share)	DilutedEPS(RMB/share)
NetprofitattributabletotheCompany’sordinaryshareholders	1.71%	0.0749	0.0748
NetprofitbeforeexceptionalgainsandlossesattributabletotheCompany’sordinaryshareholders	1.57%	0.0691	0.0690

3.DifferencesbetweenAccountingDataunderDomesticandOverseasAccountingStandards

(1)DifferencesofNetProfitandNetAssetsDisclosedinFinancialReportsPreparedunderInternationalandChineseAccountingStandards

□Applicable?Notapplicable

(2)DifferencesofNetprofitandNetAssetsDisclosedinFinancialReportsPreparedunderOverseasandChineseAccountingStandards

□Applicable?Notapplicable

(3)ExplainReasonsfortheDifferencesbetweenAccountingDataunderDomesticandOverseasAccountingStandards;foranyAdjustmentMadetotheDifferenceExistingintheDataAuditedbytheForeignAuditingAgent,SuchForeignAuditingAgent’sNameShallBeClearlyStated

□Applicable?Notapplicable

4.OtherNaught.

PartIXOtherReportedData

I.OtherMajorSocialSafetyIssues

WhethertheCompanyanditssubsidiarieswereinvolvedinothermajorsocialsafetyissues:

□Yes?No□NotapplicableWhetheradministrativepenaltieswereimposedduringtheReportingPeriod:

□Yes?No□NotapplicableII.RegisterofActivitiesIncludingResearchVisits,Communications,Interviews,etc.duringtheReportingPeriod?Applicable□Notapplicable

Dateofreception	Venue	Methodofreception	Typeofattendee	attendees	Maindiscussiontopicsandmaterialsprovided	Indexofbasicinformationoftheresearchactivity
May23,2025	www.p5w.net	Onlinecommunicationviaplatform	Others	Onlineinvestors	Fordetails,pleaserefertotheInvestorRelationsActivityRecord(No.2025-01)	TheInvestorRelationsActivityRecord(No.2025-01)wasdisclosedonwww.cninfo.com.cnonMay24,2025
May27,2025	MeetingRoom910oftheCompany	On-siteresearch	Institutions	GuangzhouPrivateEquityCouncil,ZhongdaqingPrivateFund,GuangzhouRuiminInvestment,LuxiangInvestment,GuangzhouChunhuiPrivateFund,GuangdongXiaoyuPrivateFund,ChinaFutures,CITICSecurities	Fordetails,pleaserefertotheInvestorRelationsActivityRecord(No.2025-02)	TheInvestorRelationsActivityRecord(No.2025-02)wasdisclosedonwww.cninfo.com.cnonMay27,2025

III.CapitalTransactionsbetweentheListedCompanyandMajority-OwnedShareholdersorOtherRelatedParties?Applicable□Notapplicable

Unit:RMB’0,000

Counterparty	Natureoftransaction	Beginningbalance	AmountduringtheReportingPeriod	AmountpaidduringtheReportingPeriod	Endingbalance	Interestincome	Interestexpense
GuangdongRisingFinanceCo.,Ltd.	Operatingtransaction	148,216.53	292,987.84	316,098.18	125,106.19	219.71
GuangdongRisingFinanceCo.,Ltd.	Operatingtransaction	515.31	866.74	871.87	510.18	866.74
GuangdongRisingFinanceCo.,Ltd.	Operatingtransaction	3,000			3,000
RisingBaijianwanHigh-QualityDevelopmentIndustryInvestmentFundPartnership(LimitedPartnership)	Operatingtransaction		732.00		732.00
GuangdongRisingHoldingsGroupCo.,Ltd.	Operatingtransaction	1.52			1.52
GuangdongYixinChangchengConstructionGroup	Operatingtransaction	233.25			233.25
GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.	Operatingtransaction	558.43	534.28	858.26	234.45
ShenzhenZhongjinLingnanNonfemetCo.,Ltd.	Operatingtransaction	50.41			50.41
GuangdongZhongnanConstructionCo.,Ltd.	Operatingtransaction	345.35		254.2	91.15
PrimatronixNanhoTechnologyLtd.	Operatingtransaction	4.43			4.43
GuangdongZhongjinLingnanEngineering	Operating	13.88			13.88

TechnologyCo.,Ltd.	transaction
GuangdongXintaoMicroelectronicsCo.,Ltd.	Operatingtransaction	35.55	127.65	122.66	40.54
GuangdongZhuyuanConstructionEngineeringCo.,Ltd.	Operatingtransaction	51.03	3.52	3.52	51.03
ShandongZhongjinLingnanCopperCo.,Ltd.	Operatingtransaction	1.03			1.03
GuangdongZhongrenGroupConstructionCo.,Ltd.	Operatingtransaction	23.99	0.33	8.51	15.81
ShantouRisingInfrastructureConstructionInvestmentCo.,Ltd.	Operatingtransaction	155.53		80.86	74.67
PrimatronixNanhoTechnologyLtd.	Operatingtransaction		112.31	112.31
GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.	Operatingtransaction		703.92	379.69	324.23
GuangdongFenghuaAdvancedTechnology(Holding)Co.,Ltd.	Operatingtransaction	0.01			0.01
GuangdongRisingUrbanServicesCo.,Ltd.	Operatingtransaction	6.03	37.2	43.23
GuangdongRisingHoldingsGroup	Operatingtransaction	1.4	175.88	177.28
GuangdongRisingCommercialDevelopmentCo.,Ltd.	Operatingtransaction	7.48	0.13	7.61
GuangdongZhongrenGroupConstructionCo.,Ltd.	Operatingtransaction	0.03			0.03
GuangdongHuajianEnterpriseGroupCo.,Ltd.	Operatingtransaction	258.76			258.76

GuangdongRisingHoldingsGroupCo.,Ltd.	Operatingtransaction	58.63	0.17		58.80
GuangdongSemiconductorDeviceFactory	Operatingtransaction	81.64			81.64
		0.56	34.49	20.38	14.67
FoshanElectrical&Lighting(Xinxiang)Co.,Ltd.	Non-operatingtransaction	9,147.8	28,270.51	9,791.36	27,626.95
FSLChanchangLightingCo.,Ltd.	Non-operatingtransaction	324.17	1,099.49	352.77	1,070.89
FoshanTaimeiTimesLampCo.,Ltd.	Non-operatingtransaction		52.12	51.84	0.28
FoshanFozhaoZhichengTechnologyCo.,Ltd.	Non-operatingtransaction	40.3	43.92	84.22
FSLZhidaElectricTechnologyCo.,Ltd.	Non-operatingtransaction		327.1		327.1
FoshanHaolaiteLightingCo.,Ltd.	Non-operatingtransaction	47,313.27	2,849.41	520.17	49,642.51
FoshanKelianNewEnergyTechnologyCo.,Ltd.	Non-operatingtransaction	290.17	32.73	129.28	193.62
FozhaoHuaguang(Maoming)TechnologyCo.,Ltd.	Non-operatingtransaction	32,689.01	56.39		32,745.4
Fozhao(Hainan)TechnologyCo.,Ltd.	Non-operatingtransaction		11.37		11.37
NanningLiaowangAutoLampCo.,Ltd.	Non-operatingtransaction		5.82		5.82
BeijingAirtrustAviationTechnologyCo.,Ltd.	Non-operatingtransaction	243,425.50	329,065.32	329,968.20	242,522.62	1,086.45

Total	--	148,216.53	292,987.84	316,098.18	125,106.19	219.71
Relevantdecision-makingprocesses	Therelevantrelated-partytransactionshavebeenapprovedbytheBoardofDirectors,shareholders’meeting,orotherdecision-makingprocesses.
Fundsecurityguaranteemeasures	Emergencyresponseplanfordepositbusinessrisks.

FoshanElectricalandLightingCo.,Ltd.

Legalrepresentative:WanShan

27August2025

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佛山照明(000541)_公司公告_粤照明B：2025年半年度报告(英文版)